Pratt & Whitney and Malaysia Airlines to form Aftermarket Joint Venture
LANGKAWI, Malaysia, December 2, 2009
Pratt & Whitney and Malaysia Airlines have signed a Memorandum of Understanding to form an engine nacelle repair facility in Kuala Lumpur via a joint venture. Pratt & Whitney is a United Technologies Corp. (NYSE:UTX) company.
Ownership for the joint venture will be split 50/50 between Pratt & Whitney and Malaysia Airlines. The venture is expected to service nacelles for Malaysia Airlines' fleet in addition to conducting third-party work in the Asia-Pacific region and Middle East.
"This venture is an opportunity to strengthen our position in the Asia-Pacific region, where the aviation market is expected to see significant growth in the coming decades," said Tom Hutton, vice president, Pratt & Whitney Global Repair Services. "Our service experience and technical excellence along with the reputation and fleet size of Malaysia Airlines provide this venture with the right ingredients to succeed."
The new unit will become a part of Pratt & Whitney's Global Service Partners (GSP) network and offer service and repair of engine nacelle components. The venture will complement GSP's existing nacelle repair operations located in Michigan and have capabilities to service nacelles for Pratt & Whitney, partner and competitor engines.
Pratt & Whitney GSP is a total service provider for Pratt & Whitney, CFM56® and V2500 engines. In addition to engine overhaul and repair services, GSP provides customers improved engine performance and increased asset value through a broad portfolio of services including line maintenance services, engine monitoring and diagnostic services, EcoPower® engine washes, leased engines, custom engine service programs, and new and repaired parts.
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries.
This release includes "forward looking statements" concerning future business opportunities and other matters involving this proposed joint venture that are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the strength of end-market demand in the aerospace industry; as well as company-specific items including the ability to achieve cost reductions at planned levels; challenges in the implementation and integration of the proposed joint venture; and delays and disruption in delivery of materials and services from suppliers. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results," as well as the information included in UTC's Current Reports on Form 8-K.
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