Latest news with #PrattAndWhitney
Times
4 days ago
- Business
- Times
Rolls-Royce hails British support for next-generation jet engine
The UK is backing Rolls-Royce to become a global leader in the $1.6 trillion market for short-haul aircraft engines, by offering potential taxpayer support for its next generation of jet engines. The Rolls chief executive Tufan Erginbilgic this weekend confirmed that the Derby-based FTSE 100 engineer will return to the larger 'narrow body' or 'single aisle' market as Labour puts the move at the heart of its industrial strategy. 'This is the single-biggest opportunity for economic growth for the UK in the next 50 years,' he said. • Rolls-Royce has wowed the City — can it charm airlines too? The government last week said that 'gas turbines are critical to UK national and economic security, and our role and capabilities in the UK with companies like Rolls-Royce can lead to significant growth'. A priority would be to 'secure a UK engine position on next-generation single-aisle programmes', ministers outlined in the government's industrial strategy. In a wide-ranging interview with The Sunday Times, Erginbilgic set out his strategy: • Rolls is in talks with a number of industrial and engineering partners over its new UltraFan engine, which could lead to the British firm reviving its joint venture with US rival Pratt & Whitney.• He confirmed talks with the government over taxpayer support for the new engine.• He insisted that a deal was still to be done with Airbus on the UltraFan despite the Franco-German planemaker hinting at a preference for different technology manufactured abroad.• Erginbilgic revealed plans to expand Rolls's nuclear energy programme with the development of smaller 'advanced modular reactors' that could be rolled out to power the military on the front line.• He expressed confidence that the Trump administration will not backtrack on the Aukus defence partnership.• He said that Rolls could benefit from increased defence spending by expanding into autonomous vehicles and drones. Erginbilgic has overseen a dramatic turnaround in the fortunes of Rolls-Royce since he took the helm at the start of January 2023. Rolls's share price has risen by more than 800 per cent since, with the company now boasting a stock market valuation of £80 billion — making it the fifth-biggest company on the FTSE 100. The engineer's success stems in no small part from the building and maintenance of aircraft engines. Civil aerospace is Rolls-Royce's biggest single sector, accounting for about half of revenues and two-thirds of profits. The engines it makes, however, are only for long-haul planes — also known as 'wide body' or 'twin aisle' aircraft. Rolls has an estimated 44 per cent of the wide-body market globally. Its rival General Electric has 54 per cent. Development of the new £3 billion UltraFan engine has been in the works for a number of years. 'Given the technology we have, given the credibility we establish in the industry, and the financial strength we have and the engineering capability, we are actually saying we can play in the narrow-body [market],' Erginbilgic said. Moving into this market would present a challenge in scaling up Rolls's operations, because there are many times the number of short-haul aircraft as long-haul ones. To do so, Erginbilgic confirmed his preference to join forces with another engineering or industrial company. 'We are saying we have the engineering capability. But if you consider beyond engineering capability and so on, I believe … that [a partnership] may be the best outcome for the company,' he said. The Turkish-born executive refused to be drawn further on the names of potential partners. Industry sources pointed to the likes of Pratt & Whitney, with which Rolls had an ill-fated joint venture for short-haul engines before it collapsed more than a decade ago. Other potential parties include Mitsubishi and Kawasaki of Japan, Germany's MTU Aero Engines and South Korea's Hyundai. Erginbilgic said that he was in talks with the UK government for financial support to accelerate the UltraFan programme. 'This [state help] is not actually a new phenomenon; our competitors get this four or five times as much as we do,' he said. 'This is such a new development, such a big opportunity. We are effectively saying that in the development of this, actually a little bit of support would be great.' A major hurdle to entering the narrow-body market is striking a deal with one of the world's two main planemakers: Airbus and Boeing. Airbus is working on the next generation of its A320 workhorse, with its wing being developed at its centre of excellence in Bristol. The Franco-German company earlier this year hinted at a preference for an 'open-fan' engine developed by rival CFM — a joint venture between America's GE and French firm Safran — that appears to look more like a propeller than a 'closed duct' gas turbine. Asked whether Rolls had missed its opportunity to power the next generation of Airbus aircraft, Erginbilgic insisted: 'That's undecided … I talk to everybody.' Although civil aerospace represents the majority of Rolls-Royce' bottom line, the company's prowess in nuclear energy is exciting investors. Rolls manufactures power units for nuclear-powered submarines and has positioned itself to build a raft of small modular reactors — power stations the size of two football pitches — as part of the UK's push to decarbonise the electricity grid. • Rolls-Royce to build UK's first small nuclear power stations Erginbilgic said that nuclear power presented another big opportunity for Rolls. 'There is no other company on Earth — private company; I'm not including governments in this — with the nuclear skills that we have,' he said. 'What we do for nuclear submarines here, four companies do it in the US.' The 65-year-old revealed that Rolls was now expanding into the development of advanced modular reactors (AMRs), a type of small nuclear reactor that uses different fuels and technology and can be transported if required. 'We are actually working on technology in both areas in the US as well as the UK,' he said. 'Early applications will be really in space and defence.' One use of AMRs would be as a 'secure energy supply wherever your military is going', he said. Asked whether this would be a vital part of supporting military operations, he responded: 'Yes. That's my point. You cannot do it with SMR.' AMRs are considered novel technology and are likely to be many years away from practical usage. Elsewhere in defence, the future of the nuclear submarine deal between the UK, US and Australia — called Aukus — has been thrown into doubt after Donald Trump ordered Elbridge Colby, his adviser, to review it. The Aukus deal is worth billions of pounds to Rolls. Erginbilgic played down the prospect of the accord being scrapped. 'Yes, I am confident [in Aukus going ahead],' he said. 'The reality is that the UK government also reviewed; remember the whole defence review? 'So, they are doing a similar review. You cannot blame them for doing that. The UK government did the same thing. That is a normal review for a new government to do.' He continued: 'Even without Aukus, there is a submarine step-up, frankly.' Beyond submarines, Erginbilgic said that increased defence spending presented another opportunity for Rolls: 'Given what was published so far, and given what's going on in the world, autonomous [vehicles] and drones will be very important.' Erginbilgic admitted this was an area that Rolls had 'not been talking about', but added: 'But we have been developing products.'
Reuters
6 days ago
- Business
- Reuters
Machinists file with labor board to unionize West Virginia Pratt & Whitney workers
June 26 (Reuters) - North America's largest aerospace union has filed a petition with the National Labor Relations Board to represent workers at a Pratt & Whitney engine repair shop in West Virginia, as organizers try to make inroads across southern U.S. states and elsewhere where aerospace companies are growing production. RTX enginemaker Pratt, rival GE Aerospace, and planemakers Boeing and Airbus are expanding operations in southern U.S. states, such as South Carolina and Alabama. Aircraft startup JetZero recently pledged to open a factory in North Carolina in a $4.7 billion deal backed by big state incentives. Pratt's investments in a North Carolina facility recently sparked concerns over job security during recent contract talks between Connecticut-based engine maker and its workers represented by the International Association of Machinists and Aerospace Workers. IAM organizers said the petition filed on Tuesday is to represent 360 Pratt workers at the West Virginia plant who want raises and improved working conditions. "They reached out to us," said IAM organizing director Mike Evans of the workers. RTX declined to comment. Workers would need to support the move to unionize during a later vote. Support for collective bargaining at the plant in a state where just under 9% of workers are union members would "spread very quickly to the other places that do similar work," IAM associate Lisa Ferm said in an interview. But gaining ground in states, such as West Virginia, which has laws that make it harder to unionize, remains a challenge for the IAM. The union has made multiple attempts in the past to organize workers at a Boeing factory in South Carolina and is now running radio ads in the state promoting representation. In 2017, a majority of workers rejected union representation at Boeing's 787 plant in South Carolina, which has one of the lowest union membership rates in the United States, at 2.8%, according to data from the U.S. Bureau of Labor Statistics. The IAM in December said Boeing South Carolina workers received a 9% standard wage increase and $12,000 bonus as a result of gains secured by unionized workers in Washington State, who reached a deal a month earlier that raised general wages by 38% over four years. Boeing said in December it plans to invest $1 billion in infrastructure upgrades to its South Carolina 787 jet assembly site and create 500 new jobs over the next five years.
Yahoo
6 days ago
- Business
- Yahoo
Machinists file with labor board to unionize West Virginia Pratt & Whitney workers
(Reuters) -North America's largest aerospace union has filed a petition with the National Labor Relations Board to represent workers at a Pratt & Whitney engine repair shop in West Virginia, as organizers try to make inroads across southern U.S. states and elsewhere where aerospace companies are growing production. RTX enginemaker Pratt, rival GE Aerospace, and planemakers Boeing and Airbus are expanding operations in southern U.S. states, such as South Carolina and Alabama. Aircraft startup JetZero recently pledged to open a factory in North Carolina in a $4.7 billion deal backed by big state incentives. Pratt's investments in a North Carolina facility recently sparked concerns over job security during recent contract talks between Connecticut-based engine maker and its workers represented by the International Association of Machinists and Aerospace Workers. IAM organizers said the petition filed on Tuesday is to represent 360 Pratt workers at the West Virginia plant who want raises and improved working conditions. "They reached out to us," said IAM organizing director Mike Evans of the workers. RTX declined to comment. Workers would need to support the move to unionize during a later vote. Support for collective bargaining at the plant in a state where just under 9% of workers are union members would "spread very quickly to the other places that do similar work," IAM associate Lisa Ferm said in an interview. But gaining ground in states, such as West Virginia, which has laws that make it harder to unionize, remains a challenge for the IAM. The union has made multiple attempts in the past to organize workers at a Boeing factory in South Carolina and is now running radio ads in the state promoting representation. In 2017, a majority of workers rejected union representation at Boeing's 787 plant in South Carolina, which has one of the lowest union membership rates in the United States, at 2.8%, according to data from the U.S. Bureau of Labor Statistics. The IAM in December said Boeing South Carolina workers received a 9% standard wage increase and $12,000 bonus as a result of gains secured by unionized workers in Washington State, who reached a deal a month earlier that raised general wages by 38% over four years. Boeing said in December it plans to invest $1 billion in infrastructure upgrades to its South Carolina 787 jet assembly site and create 500 new jobs over the next five years. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
RTX Corporation (RTX) and Singapore EDB Sign 10-Year Strategic MoU to Advance Aerospace Innovation
RTX Corporation (NYSE:RTX) is one of the 11 best industrial stocks to buy. On June 18, RTX Corporation signed a 10-year Memorandum of Understanding (MoU) with Singapore's Economic Development Board (EDB), solidifying its long-term strategic commitment to the country. The partnership aims to advance collaboration in areas such as aerospace maintenance, advanced manufacturing, AI, and talent development, reinforcing Singapore's role as a vital hub in RTX's global operations. Photo by Thisisengineering Raeng on Unsplash Executives from both sides emphasized the MoU's significance in deepening innovation and technological capabilities in the Asia-Pacific region. The collaboration will support investments in foundational technologies and next-generation platforms, strengthening the local ecosystem and contributing to the region's aerospace growth. Singapore is RTX's third-largest commercial footprint globally and home to over 4,300 employees across 12 sites. With more than 50 years of presence in the country, RTX continues to expand its capabilities in response to rising demand from both defense and commercial aviation customers across Asia Pacific. RTX Corporation (NYSE:RTX) is a global aerospace and defense firm headquartered in Arlington, Virginia. Founded in 1934, it serves commercial, military, and government clients through three segments: Collins Aerospace, which provides aviation systems, interiors, and aftermarket services; Pratt & Whitney, which offers aircraft engines and auxiliary power units; and Raytheon, which specializes in threat detection and defense technologies. While we acknowledge the potential of RTX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Geek Wire
17-06-2025
- Automotive
- Geek Wire
AeroTEC teams with Pratt & Whitney to work on hybrid-electric plane in Moses Lake
An artist's conception shows the RTX hybrid-electric demonstrator in flight. (RTX Illustration) Seattle-based AeroTEC says it's been selected by Pratt & Whitney Canada to lead the modification and flight test of an experimental hybrid-electric demonstrator aircraft at its Flight Test Center in Moses Lake, Wash. The RTX demonstrator is a De Havilland Canada Dash 8-100 aircraft that will be modified to use a thermal engine built by Pratt & Whitney Canada and a 1-megawatt electric motor developed by Collins Aerospace. Both Pratt & Whitney and Collins are RTX businesses. Pratt & Whitney and its partners have also developed a mobile charging unit for the plane. The 200-kilowatt-hour batteries will be supplied by H55, a Swiss spin-off from the Solar Impulse venture that successfully sent a solar-powered airplane around the world in 2015-2016. H55 is supported by RTX Ventures, the venture capital arm of RTX. The RTX hybrid-electric demonstrator program is targeting up to 30% improved fuel efficiency compared to today's regional turboprops. In-flight demonstrations could help open the way for the propulsion system to be used on multiple platforms in the future. This week's announcement of AeroTEC's involvement came in conjunction with the Paris Air Show, where Pratt & Whitney announced that it tested the integrated propulsion system and batteries to full power on the ground in Quebec. AeroTEC said modification design will be supported by engineers at its Seattle headquarters, while all flight tests and modifications will take place in Moses Lake. 'AeroTEC's mission is to accelerate the evolution of aerospace, and our collaboration with Pratt & Whitney Canada on the RTX Hybrid-Electric Flight Demonstrator project is a clear example of that commitment,' AeroTEC President Justin Morigeau said in a news release. 'In our role leading the modification and flight testing of the experimental aircraft, we're proud to support the demonstration of cutting-edge technologies that will define the future of sustainable flight.' AeroTEC has been involved in similar aircraft conversion projects over the years. In 2020, it helped Everett, Wash.-based magniX put an all-electric Cessna Grand Caravan airplane through its paces. Another collaboration with magniX led to the test flight of a hydrogen-powered De Havilland Dash 8-300 for Universal Hydrogen in 2023. AeroTEC also supported the flight test of Eviation's all-electric plane in 2022. All those flight tests took place in Moses Lake. AeroTEC is currently working with magniX on a NASA-funded project to turn a 40-year-old De Havilland Dash 7 turboprop into a hybrid-electric demonstrator aircraft.
