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Pratt & Whitney Canada to Invest Over $360 Million in R&D
Oct 20, 2008 - 14:07 PM
LONGUEUIL, QUEBEC--(Marketwire - Oct. 20, 2008) - Pratt & Whitney Canada (P&WC) will invest over $360 million in research and development in the Montreal area over the next three years following the Quebec government's decision to provide the company with reimbursable support for R&D. P&WC is a United Technologies Corp. (NYSE:UTX) company. Raymond Bachand, Minister of Economic Development, Innovation and Export Trade, and Minister of Tourism announced today that Investissement Quebec will invest $125 million over the same period of time to support P&WC's R&D activities in Longueuil, Quebec. The investment is repayable from royalties on sales. "This is terrific news for the company as it will help us strengthen our technology base," said John Saabas, executive vice president of P&WC. "This reimbursable support will help maintain our R&D activities in the Montreal region and will contribute to Quebec's economy." P&WC's $360 million R&D investment will be aimed at further improving engine technology required to surpass the world's most stringent environmental standards, while delivering outstanding performance, durability and operating economics. P&WC is the No. 1 R&D investor in Canada's aerospace sector. "Our sustained investments in R&D have allowed us to bring more than 65 new engines to market over the past 15 years, a significant accomplishment," added Saabas. P&WC's primary research and development centres are located in Longueuil and Mississauga, Ont., which employ approximately 1,500 highly skilled engineers. P&WC is also a leader in collaborating on R&D programs with 20 Canadian universities, research centres and other organizations. With its university partners, P&WC is working on over 300 research projects with 140 professors and researchers to develop new engine technologies for the next generation of environmentally friendly and fuel-efficient aircraft. 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 manufactures 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.
Pratt & Whitney Canada Jean-Daniel Hamelin General and Trade Press 450-647-7391 firstname.lastname@example.org www.pwc.ca