July 10, 2012
Pratt & Whitney becomes majority program shareholder in IAE
Pratt & Whitney and IAE International Aero Engines (IAE) shareholders, Japanese Aero Engines Corporation and MTU Aero Engines GmbH, announced details of the June 29 closing of Pratt & Whitney’s agreement to purchase Rolls-Royce’s program share in the IAE Collaboration. Pratt & Whitney has increased its program share to 61% and MTU Aero Engines has increased its program share from 11 to 16% via a separate risk revenue sharing agreement with Pratt & Whitney. The program share purchased from Rolls-Royce is held by a Pratt & Whitney wholly-owned subsidiary named Pratt & Whitney Aero Engines International GmbH (P&WAEI) headquartered in Luzern, Switzerland. P&WAEI will assume responsibilities and obligations in the IAE collaboration for most parts and sourcing previously handled through Rolls-Royce.