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Pratt & Whitney Signs More Than $10 Billion In Long-Term Agreements With Suppliers

Stocks in this article: UTX

EAST HARTFORD, Conn., May 20, 2014 /PRNewswire/ -- Within the last year, Pratt & Whitney, a United Technologies Corp. company (NYSE: UTX), has signed more than $10 billion in long-term agreements with more than 90 key product suppliers from across the globe. The agreements are helping to solidify the company's manufacturing network as it prepares for an increase in commercial and military engine production.

These agreements secure supply of parts decades into the future, and are with suppliers who provide key parts and components for all Pratt & Whitney products including the PurePower® engine family, auxiliary power units, Pratt & Whitney Canada engines as well as the F135 military engine that will power the F-35 Lightning II.

"These agreements highlight the value of Pratt & Whitney's ongoing capacity increase efforts and proven industry-leading products and technology," said Danny Di Perna, senior vice president, Pratt & Whitney Engineering & Operations. "The suppliers who have signed long-term agreements offer the highest quality and best value for Pratt & Whitney's engine components, and will provide secure sources of valuable parts for engines for years to come."

These suppliers have committed to the highest delivery and quality standards to provide high-quality parts on time while meeting cost commitments.

"We are sourcing for the large volume engine and spares production that will occur in the next decades, right now," said Sergio Loureiro, vice president, Pratt & Whitney Strategic Sourcing and Contracts. "Suppliers willing to invest in capacity and capability to meet our stringent quality, delivery and cost metrics can be a part of our joint journey of growth, but they must do so soon."

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 the website 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 company's Securities and Exchange Commission filings.

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