Suppliers Will Play Key Role in Growth Story as P&W and UTC Prepare for Increase in Capacity
Thursday, August 21, 2014
Sergio Loureiro, vice president, Strategic Sourcing and Contracts, recently spoke to Connecticut business leaders and government representatives at the Department of Economic and Community Development's (DECD) Manufacturing Day held at the Connecticut Open tennis tournament. During the event, he highlighted how Pratt & Whitney and UTC are actively seeking suppliers who are willing to invest in their manufacturing capabilities and people.
"At Pratt & Whitney and across UTC's aerospace divisions, we are preparing for an unprecedented increase in production. The ramp-up for supply chain is happening today. We've already sourced more than $10 billion of work and we are only about half-way there," said Loureiro. "Suppliers willing to invest in their manufacturing capabilities and who can deliver to our cost, quality and delivery requirements can join our growth story. However, those who want to join us must act quickly. We are signing several long-term agreements each week."
DECD Commissioner Catherine Smith also spoke at the event, noting the critical role that manufacturing plays in Connecticut's economy. One of the themes highlighted by Smith and Loureiro was the importance of making investments in technology, facilities and people. They discussed how the aerospace industry is an ecosystem where manufacturers, suppliers, government and schools depend on each other. This ecosystem thrives when investments are made by all organizations.
Smith and Loureiro discussed the investments UTC and the state are making through the Connecticut Aerospace Reinvestment Act. Under this agreement, UTC will invest up to $500 million to upgrade and expand its aerospace, development and research facilities. UTC also expects to invest up to $4 billion in research and other capital expenditures in Connecticut.