Pratt & Whitney, one of the operating segments of diversified business conglomerate United Technologies Corp. (UTX), recently signed a long-term auxiliary power unit (APU) maintenance support deal with Chinese airline Zhejiang Loong Airlines. The contract entails maintenance services for the airlines’ new fleet of 30 Airbus A320 family aircrafts including A320neos, with the first aircraft deliveries expected to begin in 2015.
Loong Airlines currently uses Pratt & Whitney AeroPower's APS3200 APU, which is certified for a 180-minute Extended Range Twin Operations (ETOPs). The APU provides back-up secondary power for starting of the main engine, cabin air conditioning and electric power for aircraft on ground and during in-flight operation.
Under this agreement, repair and spares support services will also be provided to the airline, which are likely to enhance the overall fleet operations. This will further help Loong Airlines to expand its flight routes and meet the travelling demands of its passengers.
Pratt & Whitney is among the world’s leading suppliers of aircraft engines for the commercial, military, business jet and general aviation markets. Pratt & Whitney’s Global Services segment provides maintenance, repair and overhaul services, including the sale of spare parts, as well as fleet management for large commercial engine.
United Technologies, the parent company of Pratt & Whitney, provides high-end technology products and services to the building systems and aerospace industries worldwide. The company serves various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable amid tough economic times.
United Technologies currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now in the industry include Carlisle Companies Inc. (CSL) and Federal Signal Corp. (FSS), both having a Zacks Rank #1 (Strong Buy) and CLARCOR Inc. (CLC) with a Zacks Rank #2 (Buy).
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