Avolon selects RTX's Pratt & Whitney GTF™ engines to power up to 160 Airbus A320neo family aircraft

Rhea-AI Summary

Avolon, a leading aircraft lessor, has selected Pratt & Whitney's GTF engines to power 80 Airbus A320neo family aircraft, with options for 80 more. This marks Avolon's first direct GTF engine order, expanding their GTF-powered fleet to 158 aircraft. The deal, announced at the Farnborough Air Show, is one of Pratt & Whitney's largest transactions with a lessor for GTF engines.

The GTF engines are praised for their unmatched fuel efficiency and lowest carbon emissions for single-aisle aircraft. Avolon's CEO, Andy Cronin, emphasized the importance of engine innovation in the industry's decarbonization efforts. This order positions Avolon to meet customer narrowbody requirements through 2030 and beyond, supporting the transition to more fuel-efficient technology.

Positive

• Avolon orders GTF engines for 80 Airbus A320neo family aircraft, with options for 80 more
• Deal expands Avolon's GTF-powered fleet to 158 aircraft
• GTF engines offer unmatched fuel efficiency and lowest carbon emissions for single-aisle aircraft
• Order positions Avolon to meet customer narrowbody requirements through 2030 and beyond

Negative

• None.

News Market Reaction

+1.16%

1 alert

+1.16% News Effect

On the day this news was published, RTX gained 1.16%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Agreement is aircraft lessor's first direct GTF engine order

LONDON, July 23, 2024 /PRNewswire/ -- Farnborough Air Show - Pratt & Whitney, an RTX (NYSE: RTX) business, announced today that Avolon has selected GTF engines to power 80 Airbus A320neo family aircraft. The order means Avolon will have 158 GTF-powered aircraft in its delivered and committed fleet, with options for engines to power 80 additional aircraft.

This order represents one of Pratt & Whitney's largest transactions with a lessor for its GTF engines.

"We are building on our collaboration with Avolon, who remains at the forefront of the lessor community," said Rick Deurloo, president of Commercial Engines at Pratt & Whitney. "GTF engines will provide Avolon's customers with unmatched fuel efficiency and the lowest carbon emissions available for single aisle aircraft."

"These engines will power our large orderbook of A320neo family aircraft and put us in an excellent position to service our customers' narrowbody requirements out to 2030 and beyond," said Andy Cronin, chief executive officer at Avolon. "Engine innovation has been one of the key tools to lower emissions and support the industry's decarbonization journey. We value Pratt & Whitney's strong customer focus and are excited about leveraging their GTF engines to support the transition of our fleet to more fuel-efficient technology."

Avolon currently has a portfolio of 81 V2500-powered A320ceo family aircraft and 39 GTF-powered A320neo family aircraft in its delivered fleet.

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.

About Avolon
Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 142 airlines in 63 countries, Avolon has an owned, managed, and committed fleet of 1,029 aircraft, as of 30 June 2024. www.avolon.aero 

For questions or to schedule an interview, please contact corporatepr@rtx.com.

View original content:https://www.prnewswire.com/news-releases/avolon-selects-rtxs-pratt--whitney-gtf-engines-to-power-up-to-160-airbus-a320neo-family-aircraft-302203361.html

SOURCE RTX

FAQ

How many Airbus A320neo family aircraft will be powered by RTX's Pratt & Whitney GTF engines in Avolon's new order?

Avolon has selected GTF engines to power 80 Airbus A320neo family aircraft, with options for engines to power 80 additional aircraft.

What is the significance of this order for RTX's Pratt & Whitney?

This order represents one of Pratt & Whitney's largest transactions with a lessor for its GTF engines and marks Avolon's first direct GTF engine order.

What are the main benefits of the GTF engines for Avolon and its customers?

GTF engines provide unmatched fuel efficiency and the lowest carbon emissions available for single-aisle aircraft, supporting the industry's decarbonization efforts and offering more fuel-efficient technology.

How many GTF-powered aircraft will Avolon have in its fleet after this order?

After this order, Avolon will have 158 GTF-powered aircraft in its delivered and committed fleet, with options for engines to power 80 additional aircraft.