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PRESS RELEASE

IAE Celebrates 30 Years of Superior Technology

GLASTONBURY, Conn., Monday, March 11, 2013

It was March 11, 1983 and IAE's five new shareholders – Pratt & Whitney, Rolls-Royce, Japanese Aero Engine Corporation, MTU Aero Engines, and FiatAvio – were on a mission to develop an advanced aero engine that would lead the single-aisle segment into the new millennium.

The result was the V2500 – a cleaner, quieter, more fuel-efficient engine that has grown into one of the most successful civil aerospace programs of all time. It has captured significant global segment share and today counts close to 200 airlines and leasing companies across the globe among its loyal customers.

"We have reached this leading position because of our customers' trust in us and in the V2500 – a trust we have earned through years of world-class reliability and continuous improvement," said IAE President Jon Beatty. "Our success has been fostered by the continuous support and commitment we receive from our customers."

Dave Barger, JetBlue Airways' President and Chief Executive Officer, commented, "Our partnership with IAE predates the first JetBlue plane taking flight, and we're proud to celebrate this significant milestone and reiterate our confidence in them. A hearty congratulations on 30 years of environmentally friendly and high-performing offerings."

Early Success

Just one year after the collaboration was formed the V2500 won a position on the Airbus A320 family – formally launching the program. In 1985, launch customers Adria Airways and Cyprus Airways ordered the first A320s from IAE.

George Mavrocostas, CEO of Cyprus Airways, commented, "Cyprus Airways chose to lead the way with the V2500 option due to our great confidence in the capabilities of IAE's founding companies, and we were ultimately proven correct in putting our faith in the V2500."

Today, the V2500 is available across three platforms: the Airbus A320 family, the Boeing MD-90, and the Embraer KC-390. It is the preferred engine for A321 operators worldwide and has the largest share of engines delivered and on order. That share is expected to continue to grow in the future. In addition, the V2500-A5 has approximately half of the overall segment share for the platforms on which it operates.

IAE's philosophy of continuous improvement was evident from the start, and the first major performance enhancements were introduced into service in 1993 through the V2500-A5. The latter part of the 1990s saw IAE and the V2500 start to become a dominant force in commercial aviation as the 1,000th V2500 engine was delivered.

Recent milestones include:

  • • The V2500 SelectOne™ entered service in 2008.
  • • IAE was chosen by Embraer in 2011 for its first military application on the new KC-390.
  • • In 2012, the 5,000th V2500 was delivered.
  • • V-ServicesSM, IAE's comprehensive aftermarket portfolio, was launched in 2012.

Over the past 30 years, IAE has accomplished virtually every goal it set for itself. Today, IAE is entering a new and exciting era with IAE and its party companies positioned to best serve all A320 customers by allowing more flexible offerings to the narrowbody segment.

About IAE

IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,400 engines have been delivered and nearly 1,800 more engines are on order with close to 200 customers around the world.

Contact

Resources

  • International Aero Engines: www.iaev2500.com [Website]
  • International Aero Engines: 30 Years of Superior Technology Timeline [PDF]