Turkish Airlines has entered into an agreement under which IAE International Aero Engines AG's V2500 engines will power 25 new A321 aircraft. This brings the total number of V2500-powered A320 aircraft in their fleet to 110. The deal is valued at $560 million. Aircraft deliveries will commence in 2015 and continue through 2017.
"We value our long-standing relationship with IAE and are very pleased with the reliability of our V2500 engines," said Dr. Temel Kotil, CEO of Turkish Airlines. "This engine supports our mission to become the preferred leading European air carrier with a global network."
"We are proud that Turkish Airlines, one of Europe's fastest growing airlines, has once again shown its confidence in the V2500 engine for their A320 aircraft," said Dave Brantner, president, Pratt & Whitney Commercial Engines. "We look forward to continuing our relationship with them."
Since it began operations in 1933, Turkish Airlines' fleet has grown to over 230 aircraft (passenger and cargo). Turkish Airlines, a member of Star Alliance, has the youngest fleet in Europe and continues to invest in new aircraft. Turkish Airlines operates scheduled flights to a total of 243 destinations – 201 international and 42 domestic. Skytrax named Turkish Airlines, a 4-star airline company, as the "Best Airline in Europe" in 2013 for the third year running and the "Best Airline in Southern Europe" for the fifth year running. Turkish Airlines, which received the "Best Food in Economy Class" award on a global scale in 2010, also earned the Skytrax "Best Food in Business Class" award this year. For more information about Turkish Airlines, please visit www.turkishairlines.com.
IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines. To date, more than 5,900 V2500® engines have been delivered to close to 200 customers around the world.
This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in government procurement priorities and practices, budget plans and availability of funding, and in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the companies' Securities and Exchange Commission filings.