SOURCE: IAE International Aero Engines AG
GLASTONBURY, CT--(Marketwire - Jul 9, 2012) - FARNBOROUGH AIR SHOW -- IAE has been working closely with long-time customer Monarch Airlines and reached an agreement to develop uniquely structured and customized V2500 engine maintenance solutions to support their fleet of 16 A321 aircraft.
This new agreement, valued at $250M, was completed this spring and will provide Monarch with comprehensive maintenance coverage for many years to come.
"As the number of V2500 engines in service continues to grow, we remain focused on providing our customers with a variety of options to support their fleets through our V-Services initiatives, which are tailored to meet complex customer requirements," explained IAE President Jon Beatty. "We believe our agreement with Monarch will optimize their fleet operational performance while providing a more predictable means for managing maintenance costs."
IAE and Monarch have closely worked together in creating a uniquely structured maintenance solution to support its fleet of 35 engines under a fleet hour agreement.
"We needed flexibility and an innovative approach to our engine R&O strategy and one that continued to provide both high levels of maintenance quality and predictable cost," explained Monarch Technical Director Mick Adams. "IAE worked closely with our team and provided an option that worked best for our engine fleet."
Monarch bought its first V2500 A321s in 1997. The Airbus A320 family eventually replaced its fleet of Boeing 737-300s.
Monarch Airlines operates a fleet of 32 aircraft on scheduled and charter flights from a number of UK airports, including Birmingham, London Gatwick, London Luton and Manchester. Flying to more than 50 destinations worldwide, it carries in excess of 6.5 million passengers every year. The airline is also a key supplier of aircraft and seats to the tour operating industry.
IAE is a multinational aero engine consortium whose shareholders are comprised of Pratt & Whitney (NYSE: UTX), Japanese Aero Engines and MTU Aero Engines. To date, more than 5,000 engines have been delivered and nearly 2,000 more engines are on order with close to 200 customers around the world.