Cathay Pacific Airways Awards IAE 10-Year V-Services℠ FHA
PHOENIX, Ariz., Thursday, April 10, 2014
IAE International Aero Engines AG announced today that it has signed an exclusive, 10-year V-Services Fleet Hour Agreement (FHA) with Cathay Pacific Airways to manage 48 V2500® engines operated by its wholly owned subsidiary Dragonair.
The agreement will cover installed engines on 15 A320ceos and seven A321ceos, in addition to four spare engines.
"The V2500 engine has been a strong powerplant in our fleet and has contributed to helping us achieve our vision of excelling in everything we do," said Christopher Gibbs, engineering director, Cathay Pacific Airways. "It is a reliable and environmentally friendly engine that, under FHA management, will help in our continued drive to improve operational efficiency."
"We are thrilled that Cathay Pacific selected IAE to service Dragonair's A320ceo family of aircraft," said Matthew Bromberg, president, Pratt & Whitney Aftermarket. "Cathay Pacific will enjoy the benefits that come with a V-Services FHA, which include comprehensive maintenance support, cost effectiveness and improved reliability for the fleet."
In addition to FHAs, IAE's comprehensive V-Services aftermarket portfolio includes Fixed Price Maintenance Deals, Material Plans, Spare Engine Solutions and Lessor Direct Options. Today, nearly 60 percent of the installed V2500 fleet is backed by a V-Services agreement.
Cathay Pacific Airways is a Hong Kong-based airline offering scheduled passenger and cargo services to more than 180 destinations in Asia, North America, Australia, Europe and Africa. The company is a member of the Swire group and is a public company listed on the Hong Kong Stock Exchange. Dragonair is a wholly owned subsidiary of Cathay Pacific, and the airline also has a 60 percent stake in AHK Air Hong Kong Ltd, an all-cargo carrier operating regional express freight services. The airline is a founding member of the oneworld global alliance.
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 6,000 V2500 engines have been delivered to close to 200 customers around the world.
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 levels of demand in the aerospace industry, in levels of air travel, and in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the companies' Securities and Exchange Commission filings.
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