Paradigm Precision Signs Multi-Year Agreement with P&W Potentially Worth Over $220M
Paradigm Precision has entered into a long-term agreement with Pratt & Whitney, a division of United Technologies Corp. (NYSE:UTX), to supply complex fabricated assemblies for Pratt & Whitney and Pratt & Whitney Canada's next generation product family, including the PurePower® engine family, and legacy programs. This agreement also includes United Technologies' "One Company" master terms, which will facilitate other business between the two companies going forward.
"I am very happy we have concluded this agreement with Pratt & Whitney, which allows us to build on this long-standing relationship," said Greg Bennett, president and CEO of Paradigm Precision. "Our Manchester facility has been a supplier of complex fabrications across all major Pratt & Whitney engine programs for over 25 years. We will use the "know how" we have gained, combined with new advancements in technology, to bring Pratt & Whitney the best possible value and performance. Also, our success in completing a new Master Terms Agreement, which aligns to UTC's One Company approach, will facilitate our ability to respond rapidly to UTC's needs. This forms the contractual basis for potential future business not only between Pratt & Whitney and Paradigm Manchester, but for all Paradigm companies and UTC's aerospace affiliates. This is a firm foundation for our continued mutually beneficial collaboration with UTC."
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"Paradigm Precision has committed to our delivery and performance requirements, and is investing in their manufacturing operations to increase capacity," said Sergio Loureiro, vice president, Global Supply Chain. "As Pratt & Whitney and United Technologies prepare for an increase in production, we are awarding suppliers more work, giving them the opportunity to invest in their operations and technology."
Source : Pratt & Whitney, A United Technologies Company (NYSE:UTX) - view original press release