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Pratt & Whitney Receives $300 Million Contract To Support F100 Engines Maintenance For Republic Of Korea

Stocks in this article: UTX

EAST HARTFORD, Conn., Jan. 8, 2013 /PRNewswire/ -- Pratt & Whitney, a unit of United Technologies Corp. (NYSE: UTX), has received a $300 million Performance Based Logistics (PBL) contract from the Republic of Korea government in support of the F100 engines powering the Republic of Korea Air Force fleet of Lockheed Martin F-16 fighters and Boeing F-15K fighters.

This five-year parts and repair services program covers over 230 engines. Under the terms of the PBL, Pratt & Whitney will provide key support for the F100 engines in the intermediate engine shops and at the depot level.

"Pratt & Whitney is proud of our decades-long partnership with the Republic of Korea Air Force, providing reliable engines and affordable readiness in support of their fleet," said Howie Chandler, vice president, Military Business Development and Aftermarket Services for Pratt & Whitney. "We look forward to expanding our level of support to the Republic of Korea Air Force's fighter engines, further improving our position as a premier fleet management provider for military aircraft engine fleets around the globe."

Pratt & Whitney's F100 engine, powering F-15 and F-16 aircraft worldwide, is one of the most successful fighter engines in history. The combat proven engine has flown more than 24 million hours. More than 23 air forces around the world have chosen the F100 for safe, reliable power. Pratt & Whitney has built more than 7,200 F100 engines for customers around the globe. In addition to the F100 engine, Pratt & Whitney's military engine portfolio includes the F135 for the F-35, F117 for the C-17 and F119 for the F-22.

Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines. United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries.

This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices for the F100 or F-15 and F-16 programs, budget plans and availability of funding, and in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the companies' Securities and Exchange Commission filings.

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