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TheStreet Open House

Malaysia Airlines Awards Pratt & Whitney $550 Million Fleet Management Program

Stocks in this article: UTX

SINGAPORE, Feb. 12, 2014 /PRNewswire/ -- SINGAPORE AIRSHOW -- Pratt & Whitney, a United Technologies Corp. (NYSE: UTX) company, announced today that it has signed an exclusive, 10-year Fleet Management Program (FMP) agreement with Malaysia Airlines to maintain the airline's fleet of 43 PW4170 installed engines and spare engines.  The agreement, which includes an option to extend the contract for up to five additional years, is valued at approximately $550 million.

"Pratt & Whitney's maintenance program will maximize the performance and reliability of our engines while providing predictable maintenance costs to us," said Ahmad Jauhari Yahya, Malaysia Airlines Group chief executive officer. "This will allow MAS to fly without disruption and continue providing superior service to our valued customers."

"We are delighted that Malaysia Airlines selected Pratt & Whitney to maintain its fleet of PW4170 engines," said Matthew Bromberg, president, Pratt & Whitney Aftermarket. "Our maintenance solutions help airlines operate efficiently with exceptional quality."

The Pratt & Whitney engines power Malaysia Airlines' fleet of A330 aircraft.

Malaysia Airlines, the country's national carrier, flies around 47,000 passengers daily to 60 destinations worldwide, and holds a lengthy record of service and best practice excellence. It is rated a 5-star carrier by Skytrax. 

Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, auxiliary and ground power units, and small turbojet propulsion products. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. To learn more about UTC, visit its website at www.utc.com, or follow the company on Twitter: @UTC.

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, 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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