PRATT & WHITNEY WITH TECHSPACE
[BIZ: Liège/Milmort, September 17] From 1978 to 1991, Techspace Aero manufactured and assembled almost 600 F100 engines designed by Pratt & Whitney for the F15 and F16 fighters. Techspace Aero has been engaged in Maintenance, Repair, and Overhaul (MRO) of the F100 engine since 1979 and has acquired a great deal of know-how on the maintenance of F100 engines and the associated services for its military customers. Today the current military MRO activity represents a small percentage of Techspace Aero’s 2006 turnover due to significant developments in the design and manufacturing of civil engines and equipment. In line with its strategy of expanding after sales services, Pratt & Whitney intends to establish a “Center of Excellence” in Europe, to service military engines. The MoU shows the desire of both companies to sign a definitive agreement by January 2008. In that event, the personnel involved in current activities would be moved to the new company, located at a building under construction close to Techspace Aero. In compliance with the collective work agreement, work contracts as well as all rights, including seniority, will be transferred automatically. This acquisition by a US group in Wallonia meets the objectives of the regional redeployment plan to safeguard and grow employment in the region and is an opportunity to create a company with a strong future. A partner to the world’s biggest engine manufacturers, Techspace Aero designs, develops and supplies modules, equipment, services and test benches for air and spacecraft engines. Thanks to its high tech products, Techspace Aero contributes to the success of numerous Airbus (A320, A330, A340, A380), Boeing (B737, B747, B767, B777, B787), Embraer (190) and other aircrafts. A SAFRAN Group company (51% of capital), Techspace Aero shareholders also include the Walloon Region (B-29.4%), Pratt & Whitney (USA-19%) and the Société Fédérale d’Investissement (B-1.6%). With a staff of 1,350, its turnover came to EUR 358m in 2006.
Techspace Aero, majority owned by the Safran Group, and Pratt & Whitney, a United Technologies Corp company, have signed a Memorandum of Understanding (MoU) for the acquisition by Pratt & Whitney of 100% ownership of Techspace Aero’s military aftermarket division, which employs over 100. Pratt & Whitney has been a 19% shareholder in Techspace Aero since 1991.
As an engine OEM, the acquisition by Pratt & Whitney would open up new perspectives in military engine market services, to which Techspace Aero would not have access. This provides the option of expanding services beyond the F100 engine.
http://www.techspace-aero.be/en/Actualite/Press/rachatmro.html