SINGAPORE, Feb. 15, 2012 /PRNewswire/ -- SINGAPORE AIR SHOW -- ICBC Financial Leasing Co. Ltd, a subsidiary of the Industrial and Commercial Bank of China Ltd. (ICBC), has selected International Aero Engines to provide V2500 engines to power its fleet of 15 new A320 series aircraft. The deal is valued at US$100 million for Pratt & Whitney. Pratt & Whitney is a United Technologies Corp. (NYSE: UTX) company and a major participant in IAE.

Deliveries will commence in January 2013 and continue into 2015.             

The V2500 is available in seven different thrust settings, from 22,000 to 33,000 lb., to power the Airbus A319, A320 and A321 family of aircraft as well as the A319 Corporate Jet.

The V2500 SelectOne™ build standard delivers an additional one percent fuel burn advantage, along with a corresponding reduction in CO2 emissions.  It improves time on-wing by up to 20 percent and is compliant with the most stringent CAEP/6 and NOx standards.  It entered service in October 2008.

ICBC Financial Leasing Co. Ltd is a wholly owned subsidiary of ICBC, established in 2007.  It currently has more than 60 airplanes.  These include all major airlines in China, as well as operators around the world.

IAE is a multinational aero engine consortium whose shareholders comprise of Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corporation and MTU Aero Engines.  Through 2011, over 4,900 V2500 engines have been delivered and nearly 2,000 more engines are on order with close to 200 customers around the world.

Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines, space propulsion systems and industrial gas turbines.  United Technologies, based in Hartford, Conn., U.S.A.  is a diversified company providing high technology products and services to the global aerospace and building industries.

This release includes "forward looking statements" concerning anticipated business opportunities that are subject to risks and uncertainties, including with regard to the contract described in this release.  Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements include changes in the health of the global economy and the aerospace industry.  For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, see UTC's 10-K, 10-Q and other reports filed with the SEC.

Learn more at http://www.pw.utc.com/
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SOURCE Pratt & Whitney

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