Pratt & Whitney Issues Statement on Joint Venture
EAST HARTFORD, Conn., Sept. 19, 2013 /PRNewswire/ -- Pratt & Whitney, a unit of United Technologies Corp. (NYSE: UTX), today issued the following statement:
"In October 2011, Rolls-Royce and United Technologies Corp. (UTC) announced their intention to form a new joint venture to develop an engine to power future mid-size aircraft (120-230 passenger aircraft). Following further discussion and because of the current regulatory environment, the parties have agreed not to proceed with the partnership. Pratt & Whitney remains fully committed to this important market segment and will continue independently to invest in and develop applications of its geared turbofan engine to power the next generation of midsized aircraft."
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, auxiliary and ground power units and small turbojet propulsion products. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries. To learn more about UTC, visit the website or follow the company on Twitter: @UTC.
SOURCE Pratt & Whitney