Three of HNA Group's Subsidiaries Sign V-Services(SM) Agreement

Feb 17, 2016, 07:04 ET from Pratt & Whitney

SINGAPORE AIR SHOW, Singapore, Feb. 17, 2016 /PRNewswire/ -- Three of HNA Group's subsidiaries have signed a V-Services Fleet Hour Agreement (FHA) to maintain its fleet of 46 V2500® engines. The agreement is for three of HNA Group's subsidiaries: West Air, Beijing Capital and Tianjin Airlines. 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.

"When it comes to our fleet, we do not settle when it comes to our aircraft's performance and overall reliability," said Mr. Xindi, Chief Executive Officer, HNA Aviation Group Co., Ltd. "Therefore, I am confident that under this V-Services agreement we have the right resources in place to maintain our engines to the highest regard."

"Over the past two decades, HNA Group has created one of the largest and most respected aviation enterprises around and therefore, places great emphasis on the integrity of their fleet," said Rick Deurloo, senior vice president, sales and marketing, Pratt & Whitney. "Knowing this, our goal is to keep our customers' engines on-wing and running at optimal performance for years to come."

HNA Group is a highly regarded conglomerate in China.  As of December 2015, HNA Group has a fleet of over 820 aircraft, with nearly 700 domestic and international routes, flying to over 200 cities, and serves 77.4 million passengers annually. Member companies under HNA Aviation include Hainan Airlines, Tianjin Airlines, Deer Jet, Lucky Air, Capital Airlines, West Air, Fuzhou Airlines, Urumqi Air, GX Airlines, Yangtze River Airlines, Guilin Airlines, MY CARGO, Africa World Airlines, and Aigle Azur.

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.

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