Wed, Jul 11, 2012
Closes On Deal To Purchase Rolls-Royce Program Share In The IAE Collaboration
Pratt & Whitney and IAE International Aero Engines (IAE) shareholders, Japanese Aero Engines Corporation and MTU Aero Engines GmbH, have announced details of the June 29 closing of Pratt & Whitney's agreement to purchase Rolls-Royce's program share in the IAE Collaboration. Pratt & Whitney has increased its program share to 61 percent and MTU Aero Engines has increased its program share from 11 to 16 percent via a separate risk revenue sharing agreement with Pratt & Whitney. In addition, IAE announced that the IAE board of directors has named Pratt & Whitney President David Hess Chairman of the board of directors and Jon Beatty as the new IAE president. The announcement was made Monday at the Farnborough Air Show.
"The agreement positions IAE, Pratt & Whitney and its shareholders to best serve all A320 customers by allowing more flexible offerings among A320 aircraft families resulting in potential advantages and cost-savings with a united delivery to market for the V2500 and PW1100G-JM engines," said Pratt & Whitney President and new IAE Chairman of the Board, David Hess. "Rolls-Royce remains an important part of the IAE consortium and will continue to significantly support the program."
The program share purchased from Rolls-Royce is held by a Pratt & Whitney wholly-owned subsidiary named Pratt & Whitney Aero Engines International GmbH (P&WAEI) headquartered in Luzern, Switzerland. P&WAEI will assume responsibilities and obligations in the IAE collaboration for most parts and sourcing previously handled through Rolls-Royce.
IAE is a multinational aero engine consortium whose shareholders now are Pratt & Whitney, Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines GmbH. To date, over 5,000 V2500 engines have been delivered and nearly 2,000 more engines are on order with close to 200 customers around the world.
More News
Aero Linx: JAARS Nearly 1.5 billion people, using more than 5,500 languages, do not have a full Bible in their first language. Many of these people live in the most remote parts of>[...]
'Airplane Bounced Twice On The Grass Runway, Resulting In The Nose Wheel Separating From The Airplane...' Analysis: The pilot reported, “upon touchdown, the plane jumped back>[...]
"Burt is best known to the public for his historic designs of SpaceShipOne, Voyager, and GlobalFlyer, but for EAA members and aviation aficionados, his unique concepts began more t>[...]
"Polaris Dawn, the first of the program’s three human spaceflight missions, is targeted to launch to orbit no earlier than summer 2024. During the five-day mission, the crew >[...]
There Are SO Many Ways To Get YOUR Aero-News! It’s been a while since we have reminded everyone about all the ways we offer your daily dose of aviation news on-the-go...so he>[...]