Pratt & Whitney Canada

Pratt & Whitney Canada

October 03, 2013 14:17 ET

P&WC Seals Long-Term FMP® Program Agreement with Denmark's Nordic Aviation Capital

New Deal Provides Comprehensive Engine Maintenance Plan for Leased Aircraft

SALZBURG, AUSTRIA--(Marketwired - Oct. 3, 2013) - ERA - Pratt & Whitney Canada (P&WC) is pleased to announce the signing of a new long-term Fleet Management™ Program (FMP®) contract with Denmark's Nordic Aviation Capital A/S (NAC). The deal was signed yesterday at the 2013 European Regions Airline Association (ERA) General Assembly in Salzburg, Austria. P&WC is a United Technologies Corp. company (NYSE:UTX).

Under the terms of the agreement, the FMP® program will provide support for P&WC engine operators who lease their aircraft from NAC - the world's largest lessor of PW100-powered aircraft - through a comprehensive maintenance plan until 2030.

This novel approach provides predictable maintenance cost to both NAC and its operators for engine scheduled and unscheduled shop visits at competitive rates. It greatly simplifies the contractual arrangements between NAC and the operators.

This plan is designed to allow for smooth transitions from one operator to another, providing NAC and future lessees with a seamless engine maintenance program. Under the FMP® plan, operators have the advantage of dealing directly with P&WC for their operating and maintenance needs. Each operator will benefit from a customized engine maintenance plan taking into account the specific operations to maximize time-on-wing.

"P&WC is delighted to strengthen our relationship with NAC, with whom we've enjoyed a long, rewarding collaboration for over 20 years. Through this agreement, NAC can now offer their customers predictable engine maintenance costs. In addition to greater peace of mind, operators will benefit from working directly with P&WC engine specialists to optimize their operations," said Raffaele Virgili, Vice President, Customer Service, P&WC.

"This agreement is tailored specifically to NAC's aircraft leasing model, so we are pleased to add the plan to our leasing portfolio for the benefit of our customers," noted Martin Moller, Chairman, NAC. NAC intends to take advantage of the long-term FMP® agreement when conducting aircraft lease negotiations.

About Nordic Aviation Capital

Founded in 1990 in Denmark, Nordic Aviation Capital, the leading regional aircraft lessor, is headquartered in Billund (Denmark). NAC is the global leader in turboprop leasing and finance with over 190 aircraft and 35 customers worldwide. The company has regional offices in Ireland, UK, Canada and Singapore, which supply aircraft to top tier carriers such as Lufthansa, Air France, US Airways, Garuda, Avianca, Flybe, Azul and Air Berlin. NAC employs a workforce of 90 worldwide; 50 work in the company headquarters located in Billund, Denmark, and 40 are based in regional offices located in Singapore, Ireland and North America. During the financial year 2012/13, the company increased its global workforce by hiring 20 new professionals across all its regional locations.

About Pratt & Whitney Canada

Founded in 1928 and a global leader in aerospace, P&WC is shaping the future of aviation with dependable, high-technology engines. Based in Longueuil, Quebec (Canada), P&WC is a wholly owned subsidiary of United Technologies Corp. (UTC). UTC is a diversified company that provides a broad range of high-technology products and services to the global aerospace and building systems industries.

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