FTAI Aviation Ltd. (NASDAQ: FTAI) and IAE International Aero
Engines AG (IAE) today announced a five-year EngineWise®
maintenance services agreement for V2500 engines. The agreement
includes over 100 full performance restoration shop visits. IAE is
a multinational consortium comprised of Pratt & Whitney, an RTX
(NYSE: RTX) business, Pratt & Whitney Aero Engines
International GmbH, Japanese Aero Engines Corporation and MTU Aero
Engines AG.
“FTAI’s expansion of V2500 offerings is a
testament to the engine’s reliability and value to lessors,” said
Kim Kinsley, president, IAE AG, and vice president, Mature
Commercial Engines at Pratt & Whitney. “We are committed to
working with FTAI on V2500 engine maintenance to optimize fleet
performance for FTAI’s customers around the world.”
“We look forward to collaborating with IAE to
restore these engines together,” said Joe Adams, CEO, FTAI
Aviation. “We are committed to the V2500 engine and see tremendous
demand for it in the next decade. Teaming up with IAE allows us to
extend the life of the V2500 fleet while providing flexible engine
power to our airline customers.”
FTAI Aviation focuses on engine leasing,
revolutionizing the approach to how lessors serve operators by
offering a variety of standalone engines and unique maintenance
products to support their fleets. FTAI currently owns and is
committed to over 140 V2500 engines and looks to grow its portfolio
to 200 by 2025.
The V2500 engine offers the most fuel-efficient
propulsion system in its class, with up to 3% fuel burn and
emissions advantage over prior generation engines. It is a
versatile engine, powering commercial, cargo and military
platforms, with a long track record of providing reliable and
efficient performance.
The V2500 engine is backed by an established
global network of 13 facilities for maintenance, repair and
overhaul, including eight IAE partner facilities, of which three
are managed by Pratt & Whitney and its joint ventures: the
Turkish Engine Center in Istanbul, the Shanghai Engine Center in
China and the Christchurch Engine Center in New Zealand.
Pratt & Whitney's EngineWise service
portfolio provides engine operators with a variety of aftermarket
services to maximize engine performance and fleet availability.
Visit http://www.EngineWise.com for more information.
About FTAI Aviation Ltd.FTAI
owns and maintains commercial jet engines with a focus on engines
for the A320ceo fleet. FTAI’s proprietary portfolio of products
enables it to provide cost savings and flexibility to its airline,
lessor, and maintenance, repair, and operations customer base.
Additionally, FTAI owns and leases jet aircraft which often
facilitates the acquisition of engines at attractive prices. FTAI
invests in aviation assets and aerospace products that generate
strong and stable cash flows with the potential for earnings growth
and asset appreciation. To learn more visit:
www.ftaiaviation.com.
About Pratt & WhitneyPratt
& Whitney is a world leader in the design, manufacture and
service of aircraft engines and auxiliary power units. To learn
more visit www.prattwhitney.com.
About RTXRTX is the world's
largest aerospace and defense company. With more than 185,000
global employees, we push the limits of technology and science to
redefine how we connect and protect our world. Through
industry-leading businesses – Collins Aerospace, Pratt &
Whitney, and Raytheon – RTX is advancing aviation, engineering
integrated defense systems for operational success, and developing
next-generation technology solutions and manufacturing to help
global customers address their most critical challenges. The
company, with 2023 sales of $68.9 billion, is headquartered in
Arlington, Virginia.
Cautionary Note Regarding
Forward-Looking Statements This communication contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including but not limited
to the ability to extend the life of the V2500 fleet, and FTAI’s
ability to grow its V2500 portfolio to 200 by 2025. You can
identify these forward-looking statements by the use of
forward-looking words such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates,” “target,” “projects,” “contemplates” or
the negative version of those words or other comparable words. Any
forward-looking statements contained in this communication are
based upon our historical performance and on our current plans,
estimates and expectations in light of information currently
available to us. The inclusion of this forward-looking information
should not be regarded as a representation by us that the future
plans, estimates or expectations contemplated by us will be
achieved. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations,
financial results, financial condition, business, prospects, growth
strategy and liquidity. Accordingly, there are or will be important
factors that could cause our actual results to differ materially
from those indicated in these statements, including, but not
limited to, the risk factors set forth in Item 1A. “Risk Factors”
of FTAI’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023 and FTAI’s Quarterly Reports on Form
10-Q, as updated by annual, quarterly and other
reports FTAI files with the SEC.
The information contained on, or accessible
through, any websites included in this press release is not
incorporated by reference into, and should not be considered a part
of, this press release.
For further information, please contact:
Alan AndreiniInvestor RelationsFTAI Aviation
Ltd.(646) 734-9414aandreini@fortress.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/25840c64-23a5-4bab-a350-d865c0c26be6
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