SOURCE: IAE International Aero Engines AG
GLASTONBURY, CT--(Marketwire - Jul 9, 2012) - FARNBOROUGH AIR SHOW -- Volaris, one of Mexico's leading low-cost airlines, and IAE have amended their existing V-Services(SM) Fleet Hour Agreement (FHA) to add coverage for 26 incremental V2500 engines.
Volaris' entire fleet of A320 family aircraft powered by V2500 engines are now covered by IAE's V-Services(SM) aftermarket agreement. The deal is valued at approximately $400 million.
"IAE is delighted to expand our existing V-Services(SM) Fleet Hour Agreement with Volaris to cover its entire fleet of V2500 engines. This amended and expanded FHA demonstrates IAE's commitment to the continued growth and success of Volaris in the years to come," said IAE President Jon Beatty. "In recent years Volaris has established itself effectively as a critical element of the Mexican air travel infrastructure, but also has expanded by its growing presence in the United States."
He continued: "Our ability to provide our highly reliable and efficient V2500 engine along with V-Services(SM) aftermarket solutions for customers like Volaris has enabled them not only to succeed as a new airline, but also to continue to grow their presence across the entire continent."
Volaris currently has 35 aircraft in their fleet, with an additional 13 on firm order, all powered by V2500 engines.
As Mexico's second largest airline, Volaris is a leading competitor in not only the domestic Mexican market, but across North America. Its headquarters are located in Santa Fe, Álvaro Obregón, Mexico City, and its operational base is located at the Lic. Adolfo López Mateos International Airport (TLC) in Toluca.
Volaris was founded in 2003. Its first flight crossed the skies in March 13, 2006, on an inaugural flight from Toluca to Tijuana. The company's vision is: "To transcend by creating and living the best travel experiences," in addition to the Volaris mission, "with the best people and at the lowest costs, to enable more people to travel... WELL!"
V-Services(SM) is a portfolio of services that applies the power of IAE's OEM network to provide predictable maintenance costs, optimized engine performance and reliability. On an engine flight hour basis, FHAs provide operators with coverage for shop maintenance events, which reduces the risk of unscheduled maintenance and associated costs. Through FHAs, operators have the ability to transfer any risks associated with their V2500 maintenance to IAE. Around 60% of the V2500 fleet in service is covered under the V-Services(SM) FHA.
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.