RTX's Pratt & Whitney, MTU Aero Engines In Deal To Expand GTF MRO Network; Stocks Up

(RTTNews) - Aerospace and defense company RTX Corp. (RTX) announced Tuesday that its aircraft engine unit Pratt & Whitney signed an agreement with German aircraft engine manufacturer MTU Aero Engines AG (MTUAY.PK) .

The deal is to expand GTF overhaul capacity across all of MTU's facilities in support of growing demand for GTF MRO services.

In pre-market activity on the NYSE, RTX shares were gaining around 2.4 percent to trade at $120.09.

In Germany, MTU Aero shares were up 2.8 percent to trade at 275.70 euros.

Under the agreement, MTU's annual capacity will increase up to 600 shop visits across all GTF models, with which it will become one of the major service providers in the Pratt & Whitney GTF MRO network.

The Pratt & Whitney GTF MRO network, part of its EngineWise solutions, is comprised of the industry's major MRO companies and includes 20 shops across four continents and additional sites with quick turn capability.

MTU joined the GTF MRO network in 2015, when MTU Maintenance Hannover was announced as one of the first three locations to provide maintenance services for the PW1100G-JM engine.

The companies recently agreed to extend the participation of MTU Maintenance Hannover for an additional five years to meet the high demand for GTF MRO service.

Dave Emmerling, vice president of aftermarket and partnerships for GTF engines at Pratt & Whitney, said, "Pratt & Whitney and MTU have a longstanding partnership, and we share a commitment to providing outstanding aftermarket services for our customers globally. Increasing MRO output is a top priority as we work to return engines to service as quickly as possible and position ourselves for supporting the long-term demand for the growing GTF fleet."