United Technologies Corp.’s (UTX - Free Report) operating segment Pratt & Whitney recently inked a 15-year agreement with Turbochrome Ltd, a wholly-owned subsidiary of aerospace products supplier TAT Technologies, Ltd. . This collaboration will ensure seamless back-up services for aircraft operated by the Israel Air Force. The contract augmented the long-term relationship of Pratt & Whitney with Turbochrome and strengthened the position of the latter as a leading supplier of products and services to the commercial and military aerospace sectors.
According to the agreement, Turbochrome will offer repair services and depot-level spare parts and components for all the F100-PW-229 engines powering the Israeli Air Force’s fleet of F-15I and F-16I aircraft. The contract is in accordance with Pratt & Whitney’s 15-year fleet management program (FMP), with the Israeli Ministry of Defense. The program was initiated on Jan 1, 2016 to provide “100% daily propulsion readiness” to its combative aircraft.
The FMP will facilitate Pratt & Whitney to provide material forecasting, item repair management and provisioning of spare parts for all the F100-PW-229 engines during its tenure. It is reportedly the “longest and most comprehensive performance-based logistics contract” implemented by Pratt & Whitney, till date.
Pratt & Whitney is among the world’s leading suppliers of aircraft engines to the commercial, military, business jet and general aviation markets. Pratt & Whitney’s Global Services provide maintenance, repair and overhaul services, including the sale of spare parts and fleet management services for large commercial engines.
Based in Hartford, CT, the parent company United Technologies provides high-end technology products and services to the building systems and aerospace industries worldwide. The company serves various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable amid tough economic times.
United Technologies presently has a Zacks Rank #4 (Sell). A couple of better-ranked stocks in the industry include Nordson Corporation (NDSN - Free Report) and Graco Inc. (GGG - Free Report) , both carrying a Zacks Rank #2 (Buy).
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