Paris, France (June 20, 2011) – There is no standing still at International Aero Engines (IAE). This multi-national aircraft engine consortium -- comprised of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L), Japanese Aero Engines Corporation and MTU Aero Engines -- continues to invest in its product’s capabilities as it positions its V2500 engine in its highly competitive global marketplace.
During the final half of last year through this spring, 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. IAE unveiled SelectTwo at ISTAT this spring during the conference in Arizona. This new version of the V2500 furthers its reputation as the most efficient power-plant in the market, with a notable reduction in fuel burn. Gulf Air has become an IAE customer through its purchase of six A321 aircraft with SelectTwo™ engines, the first operator to opt for SelectTwo. Its efficiency makes it environmentally friendly, lowering the carbon footprint.
“The robust nature of our engine, coupled with its history of reliability, and excellent record of performance, has positioned us to effectively add new customers as we execute our strategy of continuously adding capabilities and durability,” said IAE President and CEO Ian Aitken. “This enables us to pursue applications and customers we have never sought before in many regions around the globe.”
“It’s been a busy year in many ways,” he continued. “We are proving once again that our strategy of continuously improving our engines is working for us. We have implemented new technologies as we evolve the V2500, and made some substantial investments -- feedback from our customers has been very positive.”
The extension of the collaboration agreement was signed at a recent IAE Board of Directors meeting in London, where its shareholders jointly reiterated their commitment, noting the organization has provided outstanding engines and support services for global customers for more than a quarter of a century Over the past several months, IAE also reached agreements with Vietnam Aircraft Leasing Corp., Bank of China, TAM, Sichuan, Air Leasing Corp, Vietnam Airlines and China Southern Airlines. China Southern’s order places that airline as the leading user of V2500 engines, followed closely by jetBlue. US Airways, United Airlines and TAM are the top five users – each with more than 100 aircraft using IAE power.
“After more than a quarter of a century we continue to be the industry leader for the Airbus A320 family of aircraft,” said IAE Executive Vice President of Customer Business Jim Guliano. “Our substantial investment and ability to develop and apply our technology -- together with the commitment we’ve continuously displayed to our customers -- will contribute to our success as we produce our engines for many years to come.”
Formed in 1983, IAE produces the most environmentally friendly and technologically advanced engine in its class, the V2500. With more than 190 customers in more than 70 countries around the world, the IAE V2500 continues to attract customers as today’s most cost-effective engine on the A320 family. IAE is a global aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L), Japanese Aero Engines Corporation and MTU Aero Engines.
International Aero Engines AG’s (IAE) Executive Board of Directors has announced the extension of its collaboration agreement to 2045.
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.
Rolls-Royce has won a $130m share of an order from China Southern Airlines for V2500 engines to power 20 Airbus A320 aircraft; the order includes long-term services.
V2500 engines to power Airbus A321 and A319 aircraft.