Pratt & Whitney Awarded $1.13B Contract for F135 Engine Production
The U.S. Department of Defense has awarded Pratt & Whitney a $1.13 billion contract for F135 production engines to power the F-35 Lightning II. Pratt & Whitney and the DoD have reached an agreement on price and terms for the LRIP 4 contract, originally awarded in July 2010, which contains fixed-price and cost-plus incentive fee elements. This low rate initial production (LRIP) contract includes production, spare parts, sustainment and delivery of the fourth lot of F135 engines. Pratt & Whitney is a United Technologies Corp. (NYSE:UTX) company.
"This contract provides our customer with a 15 percent savings on the conventional takeoff and landing/carrier variant (CTOL/CV), compared to LRIP 3, and demonstrates our commitment toward meeting aggressive cost reduction goals for the F135 engine," said Bennett Croswell, president of Military Engines, Pratt & Whitney. "It also speaks to the maturity of our engine, which builds on the proven technology of our F119 engine. The F135 engine has powered all 868 F-35 flights, including 100 vertical landings in the short takeoff/vertical-landing (STOVL) configuration."
The fourth lot of F135 engines includes 18 conventional take-off and landing (CTOL) and 19 STOVL engines. Deliveries for this lot are slated to begin in the fourth quarter of 2011. The engines delivered in LRIP 4 will support the U.S. Services, the United Kingdom and the Netherlands.
Pratt & Whitney has designed, developed and tested the F135 to deliver the most advanced fifth-generation fighter engine for the United States and its allies around the world.
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 press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in the U.S. Government funding related to the F-35 and F135 programs, changes in government procurement priorities and practices or in the number of aircraft to be built; challenges in the design, development, production and support of technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corporation's Securities and Exchange Commission filings.