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Embraer's OGMA Inks New Agreement With Pratt & Whitney On GTF Engine Maintenance

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·1 min read
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  • Embraer SA's (NYSE: ERJ) OGMA signed a new contract with Pratt & Whitney, a Raytheon Technologies Corp (NYSE: RTX) company, to include maintenance of GTF engines that power E190-E2 and E195-E2 aircraft.

  • OGMA joined Pratt & Whitney's GTF MRO network last year to maintain PW1100G-JM GTF engines, which power the new generation of commercial aircraft, namely the Airbus SE (OTC: EADSF) A320neo family. The capability is extending to include the PW1900G engine this year.

  • OGMA is investing €80 million in total, mostly in the first four years of the project.

  • Over the 30-year term of the contract between OGMA and P&W, more than €13 billion in revenue is expected.

  • The project creates nearly 500 jobs over the next few years and allows OGMA to triple its turnover to about €600 million per year.

  • Price Action: ERJ shares are trading lower by 2.69% at $14.82 on the last check Friday.

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