BOSTON, March 31 (Reuters) - Pratt & Whitney won its largest order for its new geared turbofan aircraft engine, with Indian budget carrier IndiGo choosing the fuel-saving model to power an order of 150 new Airbus A320neo aircraft.
The order at the division of United Technologies Corp , which includes at least 300 engines plus a service contract, represented another validation of the new engine design, which the company spent two decades developing.
'The PurePower engine's benefits will allow us to make dramatic improvements in environmental performance with reduced emissions and significant savings in fuel consumption,' said Aditya Ghosh, president of the Indian budget carrier, which is considering a possible initial public offering to finance its $15.6 billion of Airbus aircraft.
Pratt & Whitney officials declined to disclose the value of the order.
'We view this win as a major positive for UTX and the GTF, and bodes well for the engine's market share,' wrote RBC Capital Markets analyst Robert Stallard, in a note to clients.
Earlier this month, International Lease Finance Corp, a unit of American International Group also placed an order for 60 Airbus jets using the geared turbofan.
The engine design saves fuel and reduces noise through a design that allows the fan at the engine's front to rotate at a different speed than the turbine within.
United Tech shares were up 50 cents at $84.72 in early trading on the New York Stock Exchange.
(Reporting by Scott Malone, editing by Dave Zimmerman) Keywords: UNITEDTECH/PRATT (Boston.Newsroom@thomsonreuters.com; +1 617-856-4342; Reuters Messaging: scott.malone.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The order at the division of United Technologies Corp , which includes at least 300 engines plus a service contract, represented another validation of the new engine design, which the company spent two decades developing.
'The PurePower engine's benefits will allow us to make dramatic improvements in environmental performance with reduced emissions and significant savings in fuel consumption,' said Aditya Ghosh, president of the Indian budget carrier, which is considering a possible initial public offering to finance its $15.6 billion of Airbus aircraft.
Pratt & Whitney officials declined to disclose the value of the order.
'We view this win as a major positive for UTX and the GTF, and bodes well for the engine's market share,' wrote RBC Capital Markets analyst Robert Stallard, in a note to clients.
Earlier this month, International Lease Finance Corp, a unit of American International Group also placed an order for 60 Airbus jets using the geared turbofan.
The engine design saves fuel and reduces noise through a design that allows the fan at the engine's front to rotate at a different speed than the turbine within.
United Tech shares were up 50 cents at $84.72 in early trading on the New York Stock Exchange.
(Reporting by Scott Malone, editing by Dave Zimmerman) Keywords: UNITEDTECH/PRATT (Boston.Newsroom@thomsonreuters.com; +1 617-856-4342; Reuters Messaging: scott.malone.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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