SINGAPORE, Jan. 18, 2010 - SIA Engineering Company Limited (SIAEC) has signed a definitive agreement to participate in Pratt & Whitney's PurePower PW1000G engine Risk-Revenue Sharing Program (RRSP). Pratt & Whitney is a United Technologies Corp. (NYSE:UTX) company.
SIAEC will participate in the PW1000G engine RRSP with a 3 percent stake in the Bombardier CSeries engine RRSP and a 1 percent stake in the Mitsubishi Regional Jet engine RRSP. As part of the agreement, Pratt & Whitney will designate Eagle Services Asia (ESA), a joint venture between SIAEC and P&W, as the first engine center in the global RRSP MRO network for the PW1500G engine, the PurePower variant that will power the Bombardier CSeries aircraft.
"By scaling up the MRO value chain through our investments in the development of the PW1000G engine, our P&W joint ventures will benefit from the downstream MRO work," said Chief Executive Officer of SIAEC, Mr. William Tan. "The acquisition of new engine capabilities will also enable SIAEC to access the markets of next-generation aircraft powered by the new engines."
"We are pleased that SIAEC has committed to participate in our Risk Revenue Sharing Program for the PurePower PW1000G engine," said Todd Kallman, president, Pratt & Whitney Commercial Engines & Global Services. "By investing in the PW1000G, SIAEC is investing in the future of aviation technology for next generation aircraft."
The PurePower PW1000G engine is an all-new centerline engine that includes flight proven, next generation technology. The PurePower PW1000G engine features an advanced gear system that allows the engine's fan to operate at a slower speed than the low-pressure compressor and turbine. The combination of the gear system and all-new advanced core delivers double-digit improvements in fuel efficiency and environmental emissions and a 50 percent reduction in noise.
SIA Engineering Company (SIAEC) is a major provider of aircraft maintenance, repair, and overhaul services in Asia Pacific. The Company has a client base of more than 80 international carriers and aerospace equipment manufacturers. SIAEC has approvals from 25 national aviation regulatory authorities to provide MRO services for aircraft registered in the U.S., Europe and Japan, among others.
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries. This release includes "forward looking statements" concerning anticipated business opportunities that are subject to risks and uncertainties, including with regard to the contract described in this release. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the aerospace industry. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.