Wizz Air strikes $2.5 billion engine deal

RNS Number : 0928E

Wizz Air Holdings PLC

13 July 2016

 

WIZZ AIR STRIKES $2.5 BILLION ENGINE DEAL WITH PRATT & WHITNEY

GEARED TURBOFAN ENGINE SELECTED FOR 110 Airbus A321neo AIRCRAFT AND 90 PURCHASE RIGHTS

FARNBOROUGH, 13 JULY 2016 - Wizz Air Holdings Plc, the largest low-cost airline in Central and Eastern Europe, announces that, following a competitive selection process, it has agreed with Pratt & Whitney to equip its 110 Airbus A321neo aircraft with Pratt & Whitney's PurePower Geared Turbofan engines. Deliveries of the A321neo will start in 2019. The agreement also covers an additional 90 A321neo aircraft over which Wizz Air has uncommitted purchase rights as well as a number of spare engines.  

The agreement is worth in excess of $2.5 billion at current list prices and is included in the price payable to Airbus S.A.S. under the A321neo purchase agreement signed by Wizz Air in 2015. As part of the agreement, Wizz Air has also entered into a long-term engine fleet management programme with Pratt & Whitney, ensuring continued high quality maintenance for the new-technology engines. 

József Váradi, Chief Executive Officer of Wizz Air, said: "Following a detailed review process we concluded that the Geared Turbofan engine delivers the best value proposition as well as maximum fuel and operational efficiency. These metrics will translate directly into reduced operating costs for our business. While we already have a very low cost base, our focus is to be ever more efficient to offer the lowest fares for our customers while driving strong returns for shareholders."

-Ends

About Wizz Air

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 70 Airbus A320 and Airbus A321 aircraft, and offers more than 420 routes from 25 bases, connecting 124 destinations across 38 countries. At Wizz Air, a team of approximately 2,600 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 20 million passengers in the financial year ended 31 March 2016. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. The company was recently named 2016 Value Airline of the Year by the editors of Air Transport World, one of the leading airline trade magazines.

About Pratt and Whitney and the PurePower® Geared Turbofan™ Engine

The Pratt & Whitney Geared Turbofan engine is demonstrating mature reliability levels of approximately 99.8 percent and has met all of its performance commitments from the start including a 16 percent reduction in fuel burn, a 75 percent decrease in the noise footprint and a 50 percent reduction in regulated emissions. Pratt & Whitney is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units. United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries. To learn more about UTC, visit its website at www.utc.com, or follow the company on Twitter: @UTC.

For more information:

Investors:	Iain Wetherall, Wizz Air:	[phone]
	Balint Veres, Wizz Air:

Media:	Tamara Vallois, Wizz Air:	[phone]
	Edward Bridges / Jonathan Neilan, FTI Consulting LLP:	[phone]

Notes for Editors:

·      All flights operated on Airbus A320 aircraft, with 180 seats and A321 aircraft with 230 seats

·      New Airbus A321 deliveries started in November 2015

·     For free pictures of aircraft, crews and logo library please visit http://wizzair.com/en-GB/press

 

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