Pratt & Whitney Share of China Eastern Order Valued at $400 Million
BEIJING, China, Wednesday, September 21, 2011
China Eastern Airlines has awarded IAE International Aero Engines an order for V2500 engines to power a new fleet of 50 Airbus A320-family aircraft. The agreement also includes a long-term IAE engine maintenance agreement. The value to Pratt & Whitney of the order and aftermarket agreement is approximately $400 million. Pratt & Whitney is a United Technologies Corp. (NYSE: UTX) company and a major participant in IAE.
IAE is a multinational aero engine consortium comprised of Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corp. and MTU Aero Engines. Nearly 5,500 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, ranging 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.
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.