Largest aircraft order in Philippine aviation history
LONDON, July 22, 2024 /PRNewswire/ -- Farnborough Air Show - Cebu Pacific (CEB), Airbus, and Pratt & Whitney, held an official ceremony to commemorate a memorandum of understanding (MOU) signed for CEB's purchase of up to 152 A321neo aircraft for estimated USD $24 billion (PHP 1.4 trillion) based on list prices, the largest aircraft order in Philippine aviation history. Pratt & Whitney is an RTX (NYSE: RTX) business.
The binding MOU covers firm orders for up to 102 A321neo, plus 50 A320neo family purchase rights. CEB has selected Pratt & Whitney GTF engines to power the future aircraft.
"The order is designed to give Cebu Pacific the flexibility to choose between the A321neo and A320neo aircraft as needed, helping us adapt to market changes," said Michael Szucs, chief executive officer of CEB. "This deal is a significant milestone in our ongoing mission to make air travel more accessible and affordable for everyone while supporting the Philippine growth story."
Airbus said the MOU is a testament to the airline's confidence in its products and a positive signal for the aviation industry's recovery.
"We thank Cebu Pacific for its ongoing confidence in Airbus and its products. These latest generation aircraft will enable the carrier to reduce its operating costs and continue to offer low fares in a competitive market environment. We look forward to continuing to work with the airline as it builds on its position as one of the leading low-cost carriers in the Asia-Pacific region," said Benoît de Saint-Exupéry, executive vice president sales of Commercial Aircraft at Airbus.
Pratt & Whitney expressed gratitude for CEB's continued confidence in the GTF engine, which the airline initially selected in 2012.
"This latest order demonstrates the growing opportunities for aviation in the Philippines and the larger Asia Pacific region," said Rick Deurloo, president of Commercial Engines at Pratt & Whitney. "Our GTF engine will power this growth while delivering industry-leading fuel efficiency and sustainability benefits for single-aisle aircraft. Cebu Pacific's order attests to the value it provides."
The purchase agreement to finalize this transaction is expected to be completed in the third quarter of the year.
About Cebu Pacific
Cebu Pacific (CEB), the Philippines' leading airline, entered the aviation industry on March 8, 1996 and pioneered the "low fare, great value" strategy. It has flown over 200 million passengers since inception. CEB offers the widest domestic network in the Philippines with 35 domestic destinations. It also currently operates flights to 25 international destinations, spanning across Asia, Australia, and the Middle East.
About Airbus
Airbus pioneers sustainable aerospace for a safe and united world. The Company constantly innovates to provide efficient and technologically -advanced solutions in aerospace, defence, and connected services. In commercial aircraft, Airbus designs and manufactures modern and fuel-efficient airliners and associated services. Airbus is also a European leader in space systems, defence and security. In helicopters, Airbus provides efficient civil and military rotorcraft solutions and services worldwide.
About Pratt & Whitney
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units. To learn more, visit www.prattwhitney.com.
About RTX
With more than 185,000 global employees, RTX pushes the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses - Collins Aerospace, Pratt & Whitney, and Raytheon - we are advancing aviation, engineering integrated defense systems, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2023 sales of $69 billion, is headquartered in Arlington, Virginia.
For questions or to schedule an interview, please contact:
Cebu Pacific [email protected]
Airbus [email protected]
Pratt & Whitney [email protected]
SOURCE RTX
