Pratt & Whitney Share of Air Lease Corporation Order Valued at $165 Million
Air Lease Corporation (ALC) has selected International Aero Engines (IAE) V2500 engines to power 30 Airbus A320 aircraft ordered at the 2010 Farnborough Air Show. The value of the order to Pratt & Whitney at list prices is approximately $165 million. Pratt & Whitney is a United Technologies Corp. (NYSE: UTX) company and a major participant in IAE.
The selection is for the V2500 SelectOne™ build standard, and it represents the first engine order the new lessor has announced for its A320 fleet. Deliveries are scheduled to begin in 2011.
The V2500 is available in seven different thrust settings, from 22,000 to 33,000 lbs., to power the Airbus A319, A320 and A321 family of aircraft as well as the A319 Corporate Jet.
The V2500 SelectOne™ build standard delivers an additional 1 percent fuel burn advantage, along with a corresponding reduction in CO2 emissions, and it improves time on-wing by up to 20 percent compared to a standard V2500-A5. It is compliant with the most stringent CAEP/6 NOx standards. It entered service in October 2008.
IAE is a multinational aero engine consortium comprised of Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corporation and MTU Aero Engines. There are more than 5,500 V2500 engines in service around the world or on firm order.
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 anticipated business opportunities that are subject to risks and uncertainties, including with regard to the contract described in this release. 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 aerospace industry. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.