EAST HARTFORD, Conn., Jan. 7, 2008 - Pratt & Whitney, a United Technologies Corp. company (NYSE: UTX), and Turkish Airlines Technic Inc. (Turkish Technic), a Turkish Airlines company (ISE:THYAO), signed a joint venture agreement to build an aircraft engine overhaul center in Istanbul today. Financial terms of the agreement were not disclosed.
The joint venture facility, to be named Pratt & Whitney Turkish Technic Aircraft Engine Maintenance Center LLP, will overhaul V2500 and CFM56® engines. Construction will begin in early 2008 and the first engine is expected to be inducted in 2009. Once fully operational, the center is expected to overhaul up to 200 engines per year and will employ many of Turkish Technic’s experienced staff. The new facility will be Pratt & Whitney’s eighth commercial engine overhaul center.
“We consider this joint venture initiative to be a success story by joining the expertise of Turkish Technic, a new, independent maintenance, repair, and overhaul (MRO) company that has emerged from an experienced airline MRO center, and Pratt & Whitney, an engine original equipment manufacturer (OEM) and an independent engine MRO,” said Dr. Ismail Demir, general manager, Turkish Technic. “This initiative is in line with our strategy of becoming a preferred, well known, customer-focused maintenance organization with exceptional quality and service within its region.”
"Pratt & Whitney Global Service Partners, together with Turkish Technic, will bring state-of-the-art engine service to the region, providing Turkish Airlines and other carriers with a world class alternative for their CFM56® and V2500 engine overhaul and repair needs,” said Jim Keenan, senior vice president and general manager, Pratt & Whitney Global Service Partners. “This is a great opportunity for both of our companies.”
Turkish Technic Inc., a subsidiary of Turkish Airlines, is the leading maintenance service organization in its region, providing MRO services for Boeing and Airbus airframe, engine, auxiliary power units, landing gear and components. Turkish Technic serves airlines in Europe, the Middle East, Northern Africa, Turkey and the Commonwealth of Independent States (CIS), with its maintenance base in Istanbul and highly qualified workforce of more than 3,000 personnel.
Pratt & Whitney Global Service Partners (GSP) is a total service provider for engines made by Pratt & Whitney, International Aero Engines, General Electric, Rolls-Royce and CFMI. In addition to engine overhaul and repair services, GSP provides customers with improved engine performance and increased asset value through a portfolio of services including line maintenance, engine monitoring and diagnostics, environmentally friendly on-wing water washes, leased engines, custom engine service programs, and new and repaired parts.
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 commercial building industries.
