Pratt & Whitney, a United Technologies Corp. (UTX: Quote) company, said it closed on its agreement to purchase Rolls-Royce's program share in IAE International Aero Engines or "IAE". More information about the closing will be announced by IAE at the Farnborough Air Show on July 9, the company said.
As well as restructuring participation in IAE, on October 12, 2011, Pratt & Whitney and Rolls-Royce also announced the formation of a new collaboration to power future mid-size aircraft, which is subject to separate regulatory approvals. IAE partners JAEC and MTU have also agreed to join this new venture.
The company said that the collaboration will draw on the most advanced technology from these world-class companies to drive enhanced performance for this fast growing segment in which worldwide demand for around 20,000 new aircraft (or nearly 45,000 engines) is predicted over the next twenty years.
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by RTT Staff Writer
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