Pratt & Whitney closes purchase of Rolls-Royce programme share in IAE; becomes majority programme shareholder.
Manufacturer and designer of aircraft engines Pratt & Whitney and IAE International Aero Engines (IAE) shareholders, Japanese Aero Engines Corporation and MTU Aero Engines GmbH, on Monday announced details of the 29 June 2012 closing of Pratt & Whitney's agreement to purchase Rolls-Royce's programme share in the IAE Collaboration.
Pratt & Whitney has increased its programme share to 61% and MTU Aero Engines has increased its programme share from 11% to 16% via a separate risk revenue sharing agreement with Pratt & Whitney. Exact financial details of the purchase were not disclosed.
Rolls-Royce is said to remain a part of the IAE consortium and is expected to continue to significantly support the programme.
The programme share purchased from Rolls-Royce is held by a Pratt & Whitney wholly-owned subsidiary, 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.
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.
IAE is a multinational aero engine consortium with shareholders now being Pratt & Whitney, Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines GmbH.
Pratt & Whitney is division of United Technologies Corp (NYSE:UTX).
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|Publication:||Airline Industry Information|
|Date:||Jul 10, 2012|
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