EDAC Technologies and Pratt & Whitney Sign Manufacturing Agreement Valued at More Than $1B

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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."

With more than 6,400 orders and commitments, including options, for the PurePower Geared Turbofan™ engine family, Pratt & Whitney expects to more than double production by the end of the decade. In preparation for the ramp, Pratt & Whitney is investing heavily in its global manufacturing network and bringing on suppliers who can deliver high-quality parts and materials.

About EDAC Technologies

EDAC Technologies manufactures complex precision machined and composite components for use in aircraft engine modules. EDAC Technologies also offers adjacent engine component MRO services, prototyping and out of production spare part solutions to OEM and Tier 1 customers. Additional aerospace offerings include high energy beam welding services, composite bonding services and the design and manufacture of GSE Tooling, precision molds, and fixtures.

Statements contained in this press release regarding future events or performance, other than recitation of historical facts, are forward-looking statements. These statements are identified by words such as "may," "will," " begin," " look forward," "expect," "believe," "intend," "anticipate," "should", "potential," "estimate," "continue," "momentum" and other words referring to events to occur in the future. These statements reflect the Company's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including, but not limited to, the state of the world financial, credit, commodities and stock markets, and uncertainties regarding the Company, its businesses and the industries in which it operates, which are described in the Company's filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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