Pratt & Whitney Share of China Southern Order Valued at $250 Million
PARIS AIR SHOW, Monday, June 20, 2011
China Southern Airlines has awarded IAE International Aero Engines an order for 65 SelectOneTM engines, bringing the total number of V2500-powered China Southern aircraft in service to 177. The agreement also includes a long-term IAE engine maintenance agreement. The value to Pratt & Whitney of the order and aftermarket agreement is approximately $250 million. Pratt & Whitney is a United Technologies Corp. (NYSE: UTX) company and a major participant in IAE.
China Southern Airlines has become IAE's largest customer since operating its first V2500 engine in 1996. All of the airline's V2500 engines are covered by a long-term IAE Aftermarket Services agreement.
IAE is a multinational aero engine consortium comprised of Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corp. and MTU Aero Engines. Nearly 6,500 V2500 engines are in service or on firm order with the worldwide fleet accumulating more than 85 million flying hours. Pratt & Whitney is a proud member of the IAE consortium, which has provided outstanding engines and support services to its nearly 200 global customers for more than 25 years. Pratt & Whitney recently reaffirmed its commitment to IAE and its product line, agreeing to extend IAE's collaboration agreement to 2045.
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.
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. Please visit www.utcaero.com for news from Pratt & Whitney and United Technologies at the Paris Air Show 2011.
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.
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