CIT Group Inc. (NYSE: CIT), a global leader in transportation finance, has selected the V2500 engine to power five Airbus A321ceo aircraft that it ordered in March 2015. The V2500 engine is offered through IAE International Aero Engines AG, a multinational aero engine consortium whose shareholders comprise Pratt & Whitney (NYSE:UTX), Pratt & Whitney Aero Engines International GmbH, Japanese Aero Engines Corporation and MTU Aero Engines.
"We are committed to providing our customers cost effective and fuel-efficient aircraft and the V2500 engine will assist us in accomplishing this goal," said Tony Diaz, president of CIT Commercial Air.
"We are excited to continue our relationship with CIT and honored they selected our acclaimed V2500 engine to power their A321ceo order," said Greg Gernhardt, president, Pratt & Whitney Commercial Engines. "The V2500 engine is backed by a philosophy of relentless, continuous improvement that ensures the V2500 engine maintains its position as the most advanced engine available for the current A320ceo aircraft family."
To date, more than 6,500 V2500 engines have been delivered to nearly 200 customers around the world.
As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing packages, including operating leases and structuring and advisory services, for commercial airlines worldwide. CIT Aerospace owns, finances and manages a fleet of more than 350 commercial aircraft serving approximately 100 customers in 50 countries. www.cit.com/aerospace
Founded in 1908, CIT is a bank holding company with more than $35 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units.
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 levels of demand in the aerospace industry, in levels of air travel, 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 United Technologies Corp.'s Securities and Exchange Commission filings.