LONDON (Reuters) - Executives at aircraft engine maker Pratt & Whitney said a fault on the engines for Bombardier's CSeries planes was to do with a seal in the oil system that would require a relatively minor adjustment, and not to do with the low pressure turbine.
The company, a division of United Technologies Corp , makes the engine for Bombardier's CSeries narrow-body plane, but the aircraft has been grounded since late May after a major engine failure in testing.
"The issue is a seal problem in the oil system. The fan-drive gear system is rock solid," Pratt Commercial Engines President David Brantner told journalists at a briefing ahead of the Farnborough air show.
He said it was not anything to do with the low pressure turbine, after some initial reports had suggested that was the case, and also said it was not linked to the engine failure on the F-35 fighter jet, which is also grounded and will not be flying at the air show on Monday as planned.
Graham Webb, the company's chief engineer for commercial engines, said it was a relatively minor adjustment for the CSeries engine. "We will have them back up and flying in the very near future but we have to ensure the validation is robust," he said.
Bombardier hopes to dominate the 110- to 149-seat plane market with the CSeries, built with lightweight composite materials and other technologies designed to reduce fuel burn, noise and operating costs.
It said on Saturday that Falko Regional Aircraft Limited, a lessor based in Britain, had signed two letters of intent to buy up to 24 CS100 jets, the first new CSeries deal announced since the first quarter. It is not clear whether Bombardier will be announcing any major orders during the air show.
Pratt said it expected the airshow would bring its order total so far this year to 6,000 engines, from 5,500 before the show started.
Separately on Sunday, Pratt's Canadian unit signed a deal for its PWC150C turboprop engine to power the new MA700 regional turboprop aircraft being launched by AVIC Xi'an Aircraft Company of China.
Sumo,.............You're way too bearish. Back in the day, people used to have a strong identification with their employers and tended to stay with them for decades. The employers provided security, insurance, pensions and many other benefits. Not anymore, and, it isn't just PWA (people walking around), it is the new economic realities. So, suck it up and with the flow. Admittedly, UTX stock has been dead money for a while, but, still a keeper. I would say that aircraft engines have never been more "dependable" than they are today. The B-777 can carry about 400 passengers 10,000 miles on two engines, very impressive. Pratt has a good franchise with the V-2500 and has bought Rolls' interest in the V-2500. The GTF has very good potential and Pratt's military business is very good........Kid
Australia's newest and most expensive defence technology acquisition, the high-tech F-35 Joint Strike Fighter, has been grounded in the US where it is being built, after one of the stealth bombers experienced an unexplained engine fire.
Australia is expected to take possession of its first two JSFs within weeks - more than two years after they were originally planned to be delivered.
The fire is the latest of a series of problems with the controversial single-engined aircraft which has suffered avionics and software issues and attracted harsh criticism from experts for being too slow, unmaneuverable, and likely to be superseded by the time it comes on line.
The US military, which is still in the pre-service stage as it assesses the capabilities and limitations of the aircraft, has decreed all F-35s must remain on the ground until the cause of the pre-take-off fire - in which the pilot was not injured - is identified.
Australia has signed up for at least 58 of the Lockheed Martin planes to form the backbone of the country's air-defence force. Another squadron of 24 is also likely.
It is expected that the purchase bill for those will exceed $12.4 billion with maintenance costs likely to be even greater.
The Defence Minister, David Johnston, is expected to travel to the US shortly to receive the first of the planes officially.
A spokesman for Senator Johnston said the government was made aware of the fire "immediately", and said the engine difficulties would not alter Australia's acquisition timetable.
"The 'engine concerns' you refer to will not affect the purchase of 58 aircraft," the spokesman told Fairfax Media in response to questions.
He said the Pratt & Whitney-powered aircraft was performing well and would be highly suited to Australia's needs.
"To date the JSF aircraft has accrued 15,000 flight hours. While the F35 engine has successfully completed nearly 32,000 hours of testing, availability has remained steady at about 98 per cent.
"Single-engine fighters are operated by many air forces and Defence remains confident the F-35 JSF will be reliable and safe."
He added that Senator Johnston retained "full confidence in the JSF program" including in its handling of the current problem relating to the fire.
However, a source close to the program said the planes were too expensive and were beset with too many problems.
The source said the basic problem was the single engine which meant power failure automatically resulted in the loss of the $120 million plane if an engine broke down in flight.
Proponents of the F-35 say one of its greatest selling points is its claimed "inter-operability" which means its super-sophisticated computer and combat systems can "talk" to other planes and ground-based assets allowing for greater co-ordination.
But the source said it had never achieved these goals and was lagging behind in testing which explained why not one single F-35 was in service in the US.
According to Reuters news agency, the grounding has thrown into doubt plans for the F-35 to feature in two British air shows later this month.
In a prescient move, former defence minister Brendan Nelson overruled military advice during the last years of the Howard government to order FA18 Hornets to make up for a capability gap if the F-35 proved problematic.
W2B,......There you go again, the Fed doesn't "give our money" to anyone. The Treasury has done well with the TARP program, making many $ billions on the loans.
Audi '15 A8 Is a 868-Mile-Range Tesla-Killer, and Diesel Is the Secret
BY Anton Wahlman Follow | 06/30/14 - 09:00 AM EDT
NEW YORK (TheStreet) -- Are you in the market for a $100,000 limo that can go 868 miles without stopping, and that can be refueled 100% in five minutes? Audi has good news for you.
I recently had the opportunity to drive the 2015 Audi A8, which is a large limousine with four-wheel drive as standard, ideal for snow and the mountains. It is Audi's new flagship sedan, and it has an amazing range and ability to refuel from any of almost 100,000 U.S. stations in just a few minutes
946,.......I believe that UTX is a good place to be, it's not a rocket ship, but has solid performance. I'm in Florida, just bought a condo with a great water view yesterday. I plan to be in FL for 6+ months to establish residency, escape CT winters, state income and estate taxes. You may recall that I had a wager with webrand that fuel cells would not be profitable in my lifetime. So far, I'm in the money. Dilemma today is that both Portugal and the US are playing soccer at the same time. We should do some beers sometime......Kid.
g2,... I used to car pool with a guy that used the id of g squared in the days of cb radio. He owned a tan 1964 Chevy wagon......Kid
Otis Elevator Co. has settled patent claims over the use of belts to lift elevators with Schindler Holding AG, which will license the technology from the United Technologies Corp. division.
The six years of lawsuits focused on a patent awarded to Pedro S. Baranda, the current president of the $12.5 billion business who worked as a research engineer for United Technologies then principal engineer of Otis.
Schindler, the second largest elevator manufacturer behind Otis, asked in 2008 for a federal court to invalidate the patent for the belt. The company claimed that other companies had sold similar products, and that it wished to test and sell its belt technology, which generally is composed of a number of smaller metal wires encased in polyurethane.
The use of belts, instead of traditional metal cables, has let elevator companies develop smaller energy-efficiency lift motors. These new elevator systems require less space, something they say is a plus for building managers.
The agreement announced Wednesday by both companies states that Schindler will license the patented belt drive technology from Otis. The settlement resolves disputes that have been filed in the United States, Europe and China.
"This agreement underscores the significant and valuable innovation of belt drive technology to the elevator industry, and allows Otis and Schindler to focus on their core businesses," the companies said in a statement.
Pricing on the licenses were not disclosed, but the Swiss company said the payments will not significantly affect its financial results this year.
Otis filed for the patent in 1998 and it was awarded in 2004. Also listed as inventors on the patent were Ary O. Mello, a Farmington employee of Otis, and Hugh J. O'Donnell, who worked in Longmeadow, Mass.
A spokeswoman from Otis did not return calls comment on the settlement.
A separate patent case involving the two companies reached U.S. Court of Appeals for the Federal Circuit in 2012 over claims that a Schindler business unit had patented magnetic card or similar identification technology that would direct a person to a specific floor without having to use buttons. The appeals court sided with Otis, who challenged the patent and uses similar technology in an elevator in New York's 7 World Trade Center.
HARTFORD, Conn., June 11, 2014 /PRNewswire/ -- United Technologies Corp.'s (UTX) Board of Directors today declared, effective July 7, a dividend of 59 cents per common share payable September 10 to shareowners of record at the close of business August 15. The ex-dividend date is August 13.
ctb,....Yes, I was chumming the waters looking for a nibble. The board has become even quieter than usual. UTX needs Carl Icahn or Bill Ackerman to make some gestures towards UTX, that will create excitement. Meanwhile some opinionated, but interesting, posters have gone underground. I've got a list of about 14 FL condos to look at in a few weeks. I've seen some $10-20K reductions on a few that have been on the market for a while. So, I'll do some bottom fishing for tautog and scup. Malloy's recent initiative to tax retired public school teachers on only 50% of their pensions while everybody else has their pensions taxed at 100% kind of inspired me along will no income or estate taxes in FL.........Kid
Close at $120.09 is a new closing high, not spectacular, but, movement in the right direction. Way above the "below $30." that W2B predicted. Bombardier C series GTF engine had a recent low pressure turbine mishap, hopefully it can be easily corrected.
I like the market action, the bears are looking for some Charmin to wipe their butts. It's been a Fruit of the Loom moment for the guys in the bomb shelter. I can see weddings, new cars, exotic vacations and a condo on the water on the Gulf Coast of FL. for me in the near future. Diverging, there was an article in today's Hartford Courant about the guys who were at Normandy 70 years ago. I worked with a guy in the write up and called him today, I had not seen or spoken to him in more than 20 years He remembered me and my middle name which he learned of almost 60 years ago. They were the Greatest Generation.
keef,..........Additionally, gasoline is taxed heavily to pay for infrastructure. Tesla owners do not pay highway use taxes, so, the real cost for the Tesla is even higher than mentioned. How long are the politicians and the taxpayers going to tolerate rich white guys getting a free pass on our highways, bridges, tunnels etc.?.....Kid
Louie needs to make some noise, some announcement like upward guidance or reducing greenhouse gases. Anything to get noticed. The market has been dull in May, not just UTX. My trading this month is less than 50% of my average levels, nothing happening. We need a melt-up, maybe the guys in the bomb shelter hugging their gold bars should yell, Fire! Not-so-calm and W2B, we need your pessimistic input to help the market move higher.......Kid