(EAST HARTFORD, CT – March 10, 2011) International Aero Engines AG’s (IAE) Executive Board of Directors has announced the extension of its collaboration agreement to 2045. IAE is a multi-national aircraft engine consortium comprised of Pratt & Whitney (NYSE: UTX), Rolls-Royce (RR.L), Japanese Aero Engines Corporation and MTU Aero Engines.
“We are pleased with the extension of the IAE collaboration agreement to 2045,” said Ian Aitken, IAE’s President and CEO. “Our employees and suppliers have worked diligently to provide best-in-class engine performance, service and support for our V2500 customers.”
At a recent gathering, the IAE shareholders jointly reiterated their commitment to IAE, noting that the organization has provided outstanding engines and support services to global airline customers for over two decades.
“After 27 years, we continue to be the industry leader for the Airbus A320 family of aircraft,” Aitken noted. “Our substantial investment and ability to develop and apply our technology will contribute to our success as we produce these 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 over 70 countries around the world, the IAE V2500 continues to attract customers as today’s most cost-effective engine on the A320 family.
The V2500 is available in seven different thrust settings, from 22,000 to 33,000 lb, to power the Airbus A319, A320 and A321 family of aircraft, as well as the Airbus Corporate Jetliner. IAE’s in-service fleet has doubled in the last five years and is the third largest engine program currently in production. Nearly 6,500 V2500 engines are in service or on firm order with the worldwide fleet accumulating more than 85 million flying hours.
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.
An upgrade option for the V2500 SelectOne, SelectTwo is projected to provide 0.58% fuel burn savings compared to the V2500 SelectOne engine for a 500 nautical mile A320 mission.
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.
The contract includes a long-term engine maintenance agreement.
The order includes a long-term services agreement and aircraft deliveries are scheduled to start in 2011.