ANAHEIM, CALIFORNIA--(Marketwired - Feb. 27, 2014) - Pratt & Whitney Canada (P&WC), a United Technologies Corporation company (NYSE:UTX), and Milestone Aviation Group, a global leader in helicopter leasing, today announced a US$ 75 million, 15-year agreement under which P&WC will offer its Flexible Turboshaft Engine Fleet Management program to Milestone customers.
The agreement, signed today at HAI Heli-Expo, will provide P&WC's customized engine maintenance support to helicopter operators worldwide leasing through Milestone. Initially 25 helicopters with P&WC PT6C-67C engines will be covered under the fleet management program with the intent to expand the scope to include PW210S, PW210A, PT6C-67E, PT6B-37A, PT6T and PW207C engine models in the future.
"With more than 3,700 P&WC-powered helicopters flying globally, the helicopter market is a vital part of our portfolio and effectively supporting the needs of these operators is paramount," said John Di Bert, Vice President, Customer Service, P&WC. "We are particularly excited to join forces with Milestone - a market leader that leverages both its scale and its deep operating expertise to provide its customers with unique benefits. Together, we will deliver a fleet management program that is tailored specifically for individual operators and provides the peace of mind and predictability of guaranteeed future maintenance costs."
The engine fleet management program will also offer helicopter operators who lease through Milestone a turnkey contractual framework that easily facilitates enrollment.
"The agreement to deliver P&WC's fleet management program to helicopter lessees is a testament to our mission to provide unique solutions to our customers that help preserve their capital, reduce their risk and improve their cash flow," said Matthew Harris, Chief Operating Officer, Milestone Aviation Group. "Pratt & Whitney Canada shares our passion for delivering exceptional customer service. Backed by their 40 years of Turboshaft engine expertise, we have created a flexible offering that best meets the support requirements of the growing number of operators benefiting from helicopter leasing."
The longstanding relationship between P&WC and Milestone, which started with the first contracted PW206C in 2010, has expanded to include more than 160 P&WC engines across all variants.
About Pratt & Whitney Canada (P&WC)
Founded in 1928 and a global leader in aerospace, P&WC is shaping the future of aviation with dependable, high-technology engines. Based in Longueuil, Quebec (Canada), P&WC is a wholly owned subsidiary of United Technologies Corp. (UTC). UTC is a diversified company that provides a broad range of high-technology products and services to the global aerospace and building systems industries.
About Milestone Aviation Group
Milestone Aviation Group is the global leader in helicopter leasing. Since launching in August 2010, and as of December 31, 2013, Milestone has acquired 143 aircraft valued at over US$ 2.2 billion and closed leases with 26 operators in over 20 countries on six continents. The company has a forward order book of over 130 firm and option aircraft valued at over US$ 3.0 billion. These delivery positions of in-demand helicopters are made available for lease globally. Milestone partners with helicopter operators worldwide and supports them through 100 per cent operating lease financing. The company provides financing for helicopters, serving a variety of industries, including offshore oil and gas, search and rescue, emergency medical services, police surveillance, mining and other utility missions. Further information is available at www.milestoneaviation.com.
This press release contains forward‐looking statements. Forward‐looking statements involve uncertainties, risks and assumptions, since these statements include information concerning Milestone's possible or assumed future results or performance, operations, business strategies, financing plans and potential growth opportunities. Forward‐looking statements speak only as of the date they were made, and Milestone undertakes no obligation to update publicly or to revise any forward‐looking statements because of new information, future events or other factors. In light of the risks and uncertainties described above, the forward‐looking events and circumstances discussed herein might not occur and are not guarantees of future performance. Milestone's actual results and performance could differ substantially from those anticipated in its forward‐looking statements.
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