GLASTONBURY, CT--(Marketwire - Feb 15, 2012) - SINGAPORE AIR SHOW -- IAE announced today that it has signed a Fleet Hour Agreement (FHA) with United Airlines effective January 1, 2012. The seven-year contract includes IAE's V2500 engines installed on 152 existing Airbus A320 and A319 aircraft.
United took delivery of its first A320 aircraft in November 1993.
"At United, we are committed to delivering a safe, reliable product to our customers in a cost-effective manner, and we believe this agreement with IAE for our V2500 engines helps us meet that goal," said Jim Keenan, senior vice president - Technical Operations at United.
"IAE's aftermarket services offerings are designed to keep V2500 engines maintained to the highest standards," said IAE Executive Vice President of Customer Business Jim Guiliano. "United is among our largest customers, and this FHA will keep their engines performing at their peak with optimum levels of fuel burn, reliability and maintenance cost for years to come."
He continued: "Our customers are increasingly finding that V-Services(SM) aftermarket solutions offer the best substantial long-term benefits."
Currently, more than 3,000 V2500 engines are covered by IAE FHAs, including engines sold but not yet delivered. FHAs are one offering under IAE's V-Services. FHAs ensure the engines are properly maintained and upgraded to enhanced configurations as they approach milestones in their lifecycles.
IAE is a multinational aero engine consortium whose shareholders comprise of Pratt & Whitney (NYSE: UTX), Rolls-Royce (LSE: RR), Japanese Aero Engines Corporation and MTU Aero Engines. Through 2011, over 4,900 V2500 engines have been delivered and nearly 2,000 more engines on order with close to 200 customers around the world.
IAE has reached or extended agreements with legacy and new customers; recommitted to its collaboration agreement to 2045, and developed yet another iteration of its V2500 engine.
Agreement is for the latest V2500 SelectOne build standard.
The contract, valued at more than US$184 million with deliveries being made in 2012 and 2013, involves 20 V2533-A5 engines to power 10 Airbus A321-200 aircraft.