Piaggio Aero Acquires 25 Percent of Pratt & Whitney Canada Turbo Engines Corp.
Piaggio Aero Industries has signed an agreement with Pratt & Whitney Canada to acquire 25 percent of the share capital of P&WC Turbo Engines Corp.
September 19, 2007 By Carey Fredericks
Piaggio Aero Industries has signed an agreement with Pratt & Whitney Canada to acquire 25 percent of the share capital of P&WC Turbo Engines Corp., which is in charge of the production of the PW206 and PW207 helicopter engines.
Through the newly-formed, 100 percent controlled company Piaggio Aero Engines Canada S.p.A., Piaggio Aero is entering into an alliance with one of the worlds most prominent manufacturers of aircraft engines, squarely hitting its target of increasing its business in a top technological area such as mechanical engineering for helicopters.
With its 25 percent acquisition of P&WC Turbo Engines Corp., Piaggio Aero is adding to its business a participation in a new series of engines that is making its mark in the world helicopter market.
We are proud to have formed an alliance with Pratt & Whitney Canada, one of the worlds leading aircraft engine manufacturers, said Piaggio Aero Chairman Piero Ferrari. We are sure that Piaggio Aero Engines will give the Piaggio Aero group new, extraordinary possibilities of industrial growth and development in production. It is also thanks to this new relationship with P&WC Turbo Engines Corp. that the new Villanova dAlbenga plant will become a center of excellence for engine and or component production, an actual jewel of the Italian aeronautics industry.
We are pleased to create this new alliance with Piaggio Aero Industries, which will strengthen our leadership position in the helicopter market in Europe, said Joseph Torchetti, Vice President, International Business Development, Pratt & Whitney Canada. We look forward to building on our long-standing business relationship with Piaggio Aero to capture new business opportunities in this market.