Pratt & Whitney Announces $1.5B in Commercial Engine Sales at the Farnborough International Airshow

EAST HARTFORD, Conn., July 27 /PRNewswire-FirstCall/ -- Pratt & Whitney and its partner companies, International Aero Engines (IAE) and Engine Alliance (EA), announced several new engine and service agreements last week at the Farnborough International Airshow outside London, England. The announcements, which totaled nearly $2.5 billion, mean nearly $1.5 billion in new business for Pratt & Whitney Commercial Engines, including its share of the IAE and EA new customer agreements. Pratt & Whitney is a United Technologies Corp. (NYSE: UTX) company.

"The Farnborough International Airshow was a huge success for Pratt & Whitney's Commercial Engines business," said Steve Finger, Pratt & Whitney president. "The new business we announced reflects our commitment to listen to our customers and to make dependable engines. In addition to the many exciting new engine deals, we also saw great customer interest in our Global Materials Solutions business, our growing portfolio of engine overhaul and line maintenance service capabilities, and the Geared Turbofan engine we're developing for the next generation single-aisle aircraft."

Pratt & Whitney's commercial engine news from Farnborough includes:

• Pratt & Whitney Commercial Engines won an order from Kingfisher Airlines for 10 PW4000-100" engines plus one spare with an option for 10 additional engines for the airline's new fleet of A330 aircraft. The transaction, including an exclusive long-term maintenance agreement, is valued at more than $300 million with an additional $200 million if all options are exercised.

• Pratt & Whitney was selected to power Cathay Pacific's fleet of Boeing 747-400ERF freighters. Pratt & Whitney will deliver 24 PW4062A installation engines and three spare engines with a value of more than $300 million at list prices.

• Orenburg Airlines awarded Pratt & Whitney a five-year, exclusive Maintenance Service Agreement (MSA) for CFM maintenance on up to five Boeing 737 aircraft. The estimated value of this award is $10 million.

• Pratt & Whitney Global Service Partners announced it will now offer EcoPower(SM) engine wash services at Schiphol Airport in Amsterdam with Martinair as its European launch customer. EcoPower can reduce fuel burn by as much as 1 percent and increase engine EGT (exhaust gas temperature) margin by as much as 15 degrees C on all commercial engine types.

• IAE announced Wizz Air had selected the V2500 Select to power up to 32 Airbus A320-family aircraft. The order is made up of 20 firm and 12 options and if all the options are realized, the combined engine order and aftermarket agreement will be worth approximately $1 billion to IAE. Pratt & Whitney is a majority shareholder in the IAE consortium.

• The EA announced UPS had selected the GP7200 to power its fleet of Airbus A380 freighter aircraft. The engine selection follows UPS' 10 firm Airbus A380 aircraft orders and will include 40 engines plus four spares. The value of the order was not disclosed. Aircraft deliveries are scheduled to begin in 2009.

• Pratt & Whitney announced the formation of strategic relationships with MTU Aero Engines, Avio and Volvo Aero for continued development of key Geared Turbofan engine technologies. The Pratt & Whitney Geared Turbofan engine represents a step-change in commercial engine performance for single-aisle aircraft, with up to a 12 percent improvement in fuel efficiency over today's engines and a 30-decibel noise reduction over stage III requirements.

• Pratt & Whitney Global Material Solutions for the first time displayed newly manufactured CFM56-3 engine castings at the show. The castings included the first to fourth stage LPT blades, LPT first Vane Cluster, HPT first blade, HPT first vane assembly and HPT shroud. Certification and first customer deliveries of these parts are scheduled for early 2007.

• IAE announced Indonesian low-cost carrier Lion Air has signed a long-term aftermarket agreement. The agreement is valued at $35 million and will cover Lion Air's fleet of five Boeing MD-90s.

• IAE announced Vietnam Airlines had selected IAE's V2500 engines to power 10 Airbus A321 aircraft in a deal valued at more than $170 million.

"This is an exciting time to be at Pratt & Whitney, and an exciting time to be in the commercial engine business," Finger told reporters at the airshow. "We are the world's only provider of OEMRO(TM) engine solutions, with a full range of engines and services for our products and competitors' products in every segment of the industry."

At Farnborough, Finger said, it was more evident than ever that, "In aerospace, the Pratt & Whitney Eagle is everywhere."

Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies provides high-technology products and services to the aerospace and building industries.

This release includes "forward looking statements" concerning expected revenue and other matters that are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include the health of the global economy; strength of end market demand in the commercial aerospace industry; fluctuation in commodity prices, interest rates, and foreign currency exchange rates. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's SEC filings as submitted from time to time, including but not limited to, the information included in UTC's 10-K and 10-Q Reports under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results," as well as the information included in UTC's Current Reports on Form 8-K.

SOURCE Pratt & Whitney


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