Officials from United Technologies Corp. unit Pratt & Whitney and Rolls-Royce Holdings PLC announced the companies have abandoned plans for an aircraft-engine joint venture, citing the regulatory environment. The companies did not disclose the details of their regulatory issues.
In October 2011, the companies unveiled their plans to form the venture, intending to produce an engine for mid-size aircraft that would carry 120 to 230 passengers expected to enter service in the mid-2020s.
"Pratt & Whitney remains fully committed to this important market segment and will continue independently to invest in and develop applications of its geared turbofan engine to power the next generation of midsized aircraft," a Pratt & Whitney spokesman announced last Thursday.
Rolls-Royce also issued a statement that says the company “remains fully committed to this important market segment and will continue to invest in technologies that will enable us to take advantage of opportunities as they arise.”
In addition to the joint-venture agreement in 2011, Rolls-Royce agreed to sell its stake in the International Aero Engines venture to Pratt & Whitney. That $1.5 billion deal was completed in June 2012.
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