EDAC Technologies and Pratt & Whitney, a United Technologies Corp. company (NYSE: UTX), have signed a long-term manufacturing agreement expected to be worth more than $1 billion. The agreement includes United Technologies' "One Company" terms and conditions, which will help to facilitate future opportunities between the two companies.
Under this agreement, EDAC Technologies will provide precision machined rotating and static components and composite components to Pratt & Whitney for a variety of engine platforms, including the PurePower® engine family for the Airbus A320neo, Bombardier CSeries, Mitsubishi Regional Jet and Embraer E-Jets.
"EDAC Technologies has been a trusted supplier to Pratt & Whitney for decades. Our employees are world class and this deal is reflective of the trust that Pratt & Whitney has in the EDAC Technologies team," said Mark McDonald, CEO of EDAC Technologies. "We have started the development of many components covered by the agreement and we are executing on our industrialization plans. We are making significant infrastructure investments, which includes the expansion of one of our composites facilities in Mexico and the purchase of more than 30 new machine tools and special process capabilities for our Connecticut plants. This award involves multiple divisions of EDAC Technologies; it is an exciting time for our company.'"
"To increase capacity, we are investing heavily in our global network of facilities and suppliers. These investments are allowing our suppliers to also invest in talent and new manufacturing technologies. EDAC is an example of a supplier who has made investments in talent, processes and facilities," said Sergio Loureiro, vice president, Global Supply Chain, Pratt & Whitney. "We are working closely with our suppliers to ensure they are ready to produce today and meet our quality and delivery requirements."
Source: Pratt & Whitney, A United Technologies Company (NYSE:UTX)
Date: Jun 16, 2015