-Pratt & Whitney becomes majority program shareholder in IAE.
Jet engine maker Pratt & Whitney and IAE International Aero Engines shareholders, Japanese Aero Engines Corp. and MTU Aero Engines GmbH, have announced details of the June 29 closing of Pratt & Whitney's agreement to purchase Rolls-Royce's program share in the IAE Collaboration. Pratt & Whitney is a division of United Technologies Corp. (NYSE: UTX).
Pratt & Whitney said it has increased its program share to 61 percent and MTU Aero Engines has increased its program share from 11 to 16 percent via a separate risk revenue sharing agreement with Pratt & Whitney.
In addition, IAE announced that the IAE board of directors has named Pratt & Whitney president David Hess chairman of the board of directors and Jon Beatty as the new IAE president.
The program share purchased from Rolls-Royce is held by a Pratt & Whitney wholly-owned subsidiary named Pratt & Whitney Aero Engines International GmbH (P&WAEI) headquartered in Luzern, Switzerland. P&WAEI will assume responsibilities and obligations in the IAE collaboration for most parts and sourcing previously handled through Rolls-Royce.
IAE is a multinational aero engine consortium whose shareholders now are Pratt & Whitney, Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corp. and MTU Aero Engines GmbH. To date, over 5,000 V2500 engines have been delivered and nearly 2,000 more engines are on order with close to 200 customers around the world.
Pratt & Whitney is in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines.
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|Publication:||Airline Industry Information|
|Date:||Jul 10, 2012|
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