FARNBOROUGH AIR SHOW, ENGLAND--(CCNMatthews - July 18, 2006) - Pratt & Whitney Canada Corp. (P&WC), a United Technologies Corp. (NYSE:UTX) company, today signed an exclusive five-year agreement with fast-growing Kingfisher Airlines of Mumbai, India, to maintain engines for its new fleet of 35 ATR 72-500 turboprop aircraft. The contract is valued at approximately US$60 million.
Under the agreement, P&WC will provide engine maintenance and accessory coverage for Kingfisher's fleet of 70 PW127F engines as well as seven spare engines. This includes hot section inspections (HSI), overhauls and basic unscheduled removals (BURs).
"This agreement confirms that we are the service provider of choice for the rapidly expanding fleet of P&WC engines in India," noted Alain M. Bellemare, president, P&WC. "It also underscores the increasing popularity of turboprops in India thanks to their excellent operating economics, reliability and durability."
Kingfisher Airlines ordered 20 new ATR 72-500 (PW127F) turboprops at the 2005 Dubai Air Show and an additional 15 in early 2006 as part of a major expansion of its fleet. Kingfisher Airlines says it plans to use the aircraft to develop new routes and link unconnected cities in India. Deliveries began last spring and are scheduled to be completed by August 2008.
Bellemare said P&WC intends to establish HSI capability in India by year-end and leverage its dedicated on-site representatives to support the growing number of commercial and corporate operators in India. "Major engine refurbishments will be supported through our worldwide Service Centre network, with a prime focus in Singapore," he added.
Pratt & Whitney Canada, based in Longueuil, Quebec, is a world leader in the design, manufacture and service of aircraft engines powering business, general aviation and regional aircraft, and helicopters. The company also offers auxiliary power units and industrial gas turbines. United Technologies, based in Hartford, Conn., USA, is a diversified company providing high technology products and services to the global 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.