Samsung Techwin Co. Ltd. and Pratt & Whitney have agreed on a risk and revenue sharing partnership (RRSP) supporting the PW1200G, PW1500G, PW1700G and PW1900G PurePower® engine programs. Samsung Techwin will have 1 percent share in each engine program. As a part of the partnership, it will be responsible for manufacturing the mid turbine frame for engines powering the MRJ70 and MRJ90, Bombardier's CSeries CS100 and CS300 medium range aircraft, and Embraer 175-E2, 190-E2 and the 195-E2 narrow body, medium range aircraft. The RRSP is expected to be worth more than $1.7 billion over the life of the programs.
This strategic partnership agreement stems from decades of collaboration between the two companies as Samsung Techwin has supported Pratt & Whitney's long standing PW4000 and F100 engine programs for the past 30 years. Bennett Croswell, president, Military Engines, Pratt & Whitney, Cheol Kyo Kim, president and CEO, Samsung Techwin, and James Maser, vice president, Strategy and Business Development, Pratt & Whitney, were all present at the signing of the agreement.
"Samsung is a long-term partner of Pratt & Whitney and we are excited that they have joined the Geared Turbofan engine as a partner to complement their existing PurePower engine supplier arrangements with us," said Maser.
Mr. Kim added, "Over the last 30 years, Pratt & Whitney and Samsung have built a strong business relationship. Both companies have shown enthusiasm and dedication to each other, and Samsung would like to further expand our business relationship with Pratt & Whitney by joining together as partners. As a result, I'm very happy to sign the Geared Turbofan engine RRSP today."
Samsung Techwin is a crucial member of the precision machinery industry, with businesses covering Robots & Control, Security, Energy, Industry, and Defense, and six offices spanning multiple continents. Its unparalleled dedication to finding safe and energy-preserving technological solutions has propelled the company to becoming a global leader in that area. Samsung Techwin's commitment to meeting customer expectations is evident within its relentless drive to stay up-to-date of the ever-changing business environment.
This press release contains forward-looking statements concerning future business opportunities. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to changes in levels of demand in the aerospace industry, in levels of air travel, and in the number of aircraft to be built; challenges in the design, development, production and support of advanced technologies; as well as other risks and uncertainties, including but not limited to those detailed from time to time in United Technologies Corp.'s Securities and Exchange Commission filings.