EDAC Technologies Will Produce Engine Components for Pratt & Whitney to Help Meet Demand for Airbus PW6000-Powered Aircraft.
TWA Orders 50 Airbus A318s,
International Lease Finance Corp. Orders 30
EDAC Technologies Corporation (NASDAQ NMS:EDAC), a designer and manufacturer of tools, fixtures, special machines, jet engine components, injection molds and spindles, today announced that it will produce PW6000 engine components for Pratt & Whitney to help meet demand for Airbus Industries' PW6000-powered A318 aircraft. Trans World Airlines' (TWA) recent order for 50 A318s was preceded by a 30-plane order from International Lease Finance Corp. (ILFC) in November 1998.
The value of the installed and spare engines for the 38 new aircraft exceeds $400 million.
Deliveries of the aircraft to TWA will begin in 2003, and Pratt & Whitney has already made significant progress in its development program. The first engine will go to test in mid-1999 with entry into service on the A318 at the end of 2002. The 16,000- to 23,000-pound-thrust PW6000 has been designed specifically for the short-to-medium haul 100-to 120 passenger market, with reliability and low cost of operation as paramount goals.
Edward J. McNerney, EDAC's president and CEO, said, "Airbus International is focused on creating state-of-the-art aircraft for the passenger fleets of major airlines, and Pratt & Whitney's PW6000 jet engine is central to that effort. The PW6000 program is a key part of Pratt & Whitney's product plan for the 21st Century, and we look forward to working with them in the development and manufacture of many of the engine components.
"EDAC also values this business for its diversification value. We expect this type of business to significantly contribute to our company's growth."
Pratt & Whitney, a United Technologies company, is a world leader in the design, development, manufacture and service of aircraft engines, industrial gas turbines and space propulsion systems.
EDAC Technologies Corporation's Apex Machine Tool Company manufactures diversified, high-precision fixtures, gauges, dies and molds. EDAC's Gros-Ite Industries division primarily offers design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment and gauges and components used in the manufacture, assembly and inspection of jet engines. Gros-Ite Spindle specializes in the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools used in virtually all types of manufacturing.
Certain matters described in this report are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
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|Date:||Jan 5, 1999|
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