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News updates from December 15: Rudy Giuliani ordered to pay $148mn to 2020 election workers, Israel mistakenly kills three hostages in Gaza
RTX appoints former Pratt & Whitney head as chief executive
...US aerospace and defence group RTX has appointed the former head of its Pratt & Whitney business as its new chief executive, as it continues to navigate the recall of aircraft engines made by the unit....
December 14, 2023
News updates from December 14: BoE and ECB hold rates steady, ECB’s Lagarde pushes back against rate cuts expectations
RTX appoints former Pratt & Whitney head as its new chief executive
...US aerospace and defence group RTX has appointed the former head of its Pratt & Whitney business as its new chief executive, as it continues to navigate the recall of aircraft engines made by the unit....
December 14, 2023
FT Live
US Pharma and Biotech Summit
Strategies for innovation, pricing and access
Thursday, 16 MayNew York, NY, USA
InterviewJózsef Váradi
Wizz Air chief hails ‘capitalist spirit’ behind £100mn bonus package extension
...“The Pratt & Whitney GTF engine has been causing scarcity of spare engines in the operating market,” he added....
August 3, 2023
Aerospace & Defence
Boom time for the $110bn a year industry keeping airlines flying
...Airbus, Boeing and engine makers Rolls-Royce, Safran, Pratt & Whitney and General Electric all provide services and sell spare parts....
October 31, 2023
News updates from September 11: Instacart aims for $9.3bn IPO valuation, EU downgrades growth forecast
RTX to take $3bn hit from Pratt & Whitney engine issues
...US aerospace and defence group RTX Corp, formerly Raytheon, expects to take a $3bn hit from issues with roughly 1,200 Pratt & Whitney engines fitted to Airbus jets....
September 11, 2023
Live news updates from August 18: Big Tech shares fall, SoftBank buys full control of Arm
Pratt & Whitney engine flaws could cost global airlines almost $430mn
...The recall of 1,200 Pratt & Whitney engines on Airbus aircraft could cost airlines worldwide nearly $430mn, according to estimates released by the US federal aviation regulator....
August 18, 2023
FT Live
Global Pharma and Biotech Summit
Driving life sciences innovation in a disrupted world
Tuesday, 5 NovemberIn-Person & Online Conference
LexPratt & Whitney
Pratt & Whitney/RTX: engine recall puts cash flow into reverse thrust Premium content
...Last month Pratt & Whitney, a unit of aerospace and defence giant RTX, was forced to issue a recall of its popular geared turbofan engine GTF....
August 16, 2023
Aviation accidents and safety
RTX hit with $3bn charge from Pratt & Whitney aero engine recall
...Hundreds of aircraft worldwide will be grounded over the next few years owing to problems with Pratt & Whitney engines, in a $3bn hit to parent RTX and another setback for airlines already struggling to...
September 11, 2023
Airlines
Airlines rush to avoid cancellations after engine recall
...Airlines in the US and Europe are rushing to find spare parts and engines and avoid flight cancellations after engine-maker Pratt & Whitney issued a product recall last month....
August 14, 2023
Wizz Air
Wizz Air cuts profit forecast as groundings threaten growth plans
...The London-listed airline on Thursday said it would be forced to ground 45 of its roughly 200 planes because of potential problems with their Pratt & Whitney engines....
November 9, 2023
Airlines
Indian airline Go First files for bankruptcy blaming US engine maker
...Pratt & Whitney said it is “committed to the success of our airline customers, and we continue to prioritise delivery schedules for all customers”....
May 2, 2023
Melrose Industries PLC
Melrose raises profit outlook after doubling earnings
...It also makes components for Pratt & Whitney’s geared turbofan engines, some of which have been recalled for early reinspection....
March 7, 2024
easyJet PLC
EasyJet targets another bumper summer of record profits
...Ryanair has been forced to slightly dial down its summer plans amid large delivery delays from crisis-hit Boeing, while Wizz Air has been badly hit by problems with the Pratt & Whitney engines on its Airbus...
April 18, 2024
Industrials
Some mildly interesting information about Wizz Air’s grounded planes
...We have little information on the timing of potential compensation from Pratt & Whitney, but as we enter into H2 it looks like there are an increasing number of reasons for investors to be nervous about...
November 14, 2023
Letter
Letter: No leasing company can abandon its biggest market
...The only effective sanctions are for the original equipment manufacturers or OEMs (Boeing, Airbus, Rolls-Royce, Pratt & Whitney and GE) to stop issuing updates to the flight and maintenance manuals....
January 5, 2024
FT Live
Infrastructure Investment in Latin America and the Caribbean
Identifying opportunities for investors and asset managers
Wednesday, 4 September237 Park Avenue, New York, NY, USA
News updates from November 9: S&P 500 snaps win streak, Ransomware attack disrupts Chinese lender ICBC
Wizz Air trims annual profit forecast despite strong summer trading
...The London-listed airline on Thursday said it would be forced to ground 45 aircraft because of potential problems with their Pratt & Whitney engines....
November 9, 2023
Pratt & Whitney
Pratt & Whitney capture a London bus
...Pratt & Whitney has for a while been one of the Pentagon’s biggest engine suppliers but its parent company Raytheon Technologies does plenty of work for the UK government, too....
July 11, 2022
News updates from October 24: Alphabet’s cloud unit misses on sales, UK unemployment rises to 4.2%
RTX takes $2.9bn hit from engine trouble
...RTX, the US aerospace and defence group, took a $2.9bn hit to operating profits related to problems with its Pratt & Whitney engines....
October 24, 2023
InterviewThe CEO
Wizz Air CEO: ‘Crisis management became a constant’
...But the final, and biggest, of the “black swans” hit last year when Airbus engine supplier Pratt & Whitney began recalling planes in for inspections, amid concerns over contaminants in the powdered metal...
May 6, 2024
Nato
US agrees to sell Turkey jets after Ankara approves Sweden’s Nato bid
...Turkey’s F-16 purchases will largely be fulfilled by Lockheed Martin, while Lockheed and Pratt & Whitney will be the main contractors on the Greek F-35 deal....
January 27, 2024
News in-depthBoeing Co
Higher fares and fewer planes: Boeing crisis forces airlines to cut services
...Helane Becker, analyst at TD Cowen, said Boeing’s delivery delays plus the grounding of planes powered by defective Pratt & Whitney geared turbofan engines, could combine with strong demand for air travel...
April 25, 2024
LexRyanair Holdings PLC
Ryanair can ride out Boeing’s mid-flight drama Premium content
...Outages related to Pratt & Whitney engines on the popular Airbus narrow-body jets have affected rival Wizz Air....
January 9, 2024
Melrose Industries PLC
Melrose rules out more deals as founders step aside
...Dilnot said Melrose parts were not directly affected and that the company had limited revenue exposure to the Pratt & Whitney geared turbofan engine programme....
September 7, 2023
LexAerospace & Defence
RTX/MTU/Melrose: engine recall means risk now defines partnership Premium content
...The US-listed owner of Pratt & Whitney said it expected a dollar hit in single-digit billions from its recall of PW1000G turbofan engines....
September 12, 2023
Ryanair Holdings PLC
Ryanair boss calls on Boeing to improve quality control after mid-flight accident
...More than a thousand Pratt & Whitney engines need to be removed from Airbus aircraft and inspected, forcing a number of airlines to change their schedules or ground aircraft....
January 9, 2024

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