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Pratt & Whitney Wins US$233M Order for V2500 Engines from Sichuan Airlines
Sichuan Airlines has selected the International Aero Engines V2500 SelectOne engine to power 18 Airbus A320 family aircraft to be delivered between 2009 and 2012. The agreement includes a long-term V2500Select® aftermarket agreement for the new engines and those powering 15 aircraft already in service. At list prices, the deal is valued at more than $233 million to Pratt & Whitney, a division of United Technologies Corp. (NYSE: UTX), which is a major shareholder in the International Aero Engines joint venture.
As part of the deal, International Aero Engines has been designated as the airlines' preferred engine supplier for all future acquisitions of A320 family aircraft. In Greater China, the V2500 powers over 200 aircraft in service and during the past 24 months has been selected for over 180 additional A320-family aircraft placed on firm order in the region, representing more the half of the market share in China.
The 22,000-33,000lb of thrust V2500 is available in seven different thrust settings to power the Airbus A319, A320 and A321 family of aircraft as well as the Airbus Corporate Jetliner. More than 5,000 V2500 engines are in service or on firm order.
The SelectOne build standard delivers an additional one percent fuel burn advantage, along with a corresponding reduction in CO2 emissions. It will improve time-on-wing by up to 20 percent, and demonstrate compliance with the most stringent CAEP/6 NOx standards. It entered into service in October 2008.
IAE is a multinational aero engine consortium whose shareholders comprise Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corporation and MTU Aero Engines.
Pratt & Whitney has over 16,000 aircraft engines installed with hundreds of airlines around the world. Additionally, Pratt & Whitney is a leading partner in two joint venture companies that manufacture commercial aircraft engines: International Aero Engines, which makes the V2500 for the Airbus A320 family of aircraft, and the Engine Alliance, whose GP7200 engine is FAR 33 certified for the new Airbus A380.
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. 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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