BEIJING, CHINA--(Marketwired - Sep 25, 2013) - Today 19 customers based in China operate over 420 V2500® engine-powered aircraft. More than 360 of these aircraft are covered by a V-Services Fleet Hour Agreement (FHA).
"Operators in China are committed to keeping their engines operating at peak performance," said IAE President and CEO Jon Beatty. "Their goal is to enhance the engine's reliability, fuel-burn performance and residual value, as well as to reduce their maintenance costs and risk of unscheduled maintenance. IAE's records have shown that engines covered by an FHA have up to 20 percent longer time-on-wing (TOW) between shop visits.
"The large number of V-Services FHAs in China is also an indication of the strong working relationships we have with our customers," said Beatty. "Through customized aftermarket programs we are able to work with operators to better leverage IAE's fleet knowledge in China, identify trends and issues that may affect engines in the future, and proactively manage engines in operation."
Through the V-Services portfolio IAE is able to provide both flexible and optimized engine maintenance/support solutions. The benefits to customers include:
- Predictable maintenance cost
- Optimized engine performance, reliability and fuel burn
- Improved marketability
- Increased residual value
As the number of V2500 engines in service continues to grow, IAE remains focused on providing customers with a variety of options to support their fleets through V-Services initiatives, which are tailored to meet complex customer requirements.
In addition to FHAs, IAE offers Fixed Price Maintenance, Spare Engine Solutions and Lessor Direct Options. All V-Services agreements are centrally managed and run by IAE giving the customer one point of contact. IAE's goal is to increase the percentage of the fleet under service contracts so more customers experience the benefits and customized solutions available.
IAE's long-term commitment to operators in China extends beyond the world-class V2500 engine and comprehensive aftermarket support with a total of 12 field offices in Greater China and support to the Airbus Final Assembly Line in Tianjin, China (FALC).
About IAE: IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (
This release includes "forward looking statements" concerning anticipated business opportunities that are subject to risks and uncertainties, including with regard to the programs described in this release. Risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in forward looking statements include the effect of economic conditions in the markets in which we operate, including financial market conditions, and fluctuation in interest rates, commodity prices and foreign currency exchange rates; levels of end market demand in the aerospace industry, including levels of demand for the new aircraft described in this release; levels of air travel; financial difficulties of commercial airlines; the financial condition of suppliers; and challenges in the design, development, production and support of advanced technologies and new products and services. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.