Spirit Airlines Selects Pratt & Whitney GTF™ Engines to Power Up To 150 New A320neo Family Aircraft in Spirit's Fit Fleet®

Rhea-AI Summary

Spirit Airlines (NYSE: SAVE) has signed a significant agreement with Pratt & Whitney (NYSE: RTX), securing PW1100G-JM engines for 100 new Airbus A320neo Family aircraft, with an option for 50 more. Deliveries are set to begin in 2023. The deal includes a long-term EngineWise® maintenance agreement for Spirit's fleet of 168 aircraft. The GTF engine is designed to enhance fuel efficiency, promising a 16% reduction in fuel burn and lower emissions. Spirit's CFO highlighted this commitment to sustainability and operational excellence.

Positive

• Agreement for 100 new Airbus A320neo Family aircraft strengthens Spirit's fleet.
• Long-term maintenance agreement with Pratt & Whitney for 168 aircraft enhances operational reliability.
• GTF engines reduce fuel burn by 16%, improving cost efficiency and sustainability.

Negative

• None.

MIRAMAR, Fla., Oct. 25, 2021 /PRNewswire/ -- Spirit Airlines (NYSE: SAVE), announced it has signed an agreement with Pratt & Whitney, a Raytheon Technologies business (NYSE: RTX), through its affiliate, IAE International Aero Engines AG ("IAE"), for PW1100G-JM engines to power its latest order of new Airbus A320neo Family aircraft. Deliveries from the firm 100-aircraft order are expected to begin in 2023, and the agreement includes options for another 50 aircraft.

In addition to the engine order, Spirit and Pratt & Whitney entered into an EngineWise® Comprehensive long-term maintenance agreement to service Spirit's fleet of 168 aircraft and growing.

"Spirit operates one of the youngest and most fuel-efficient fleets in the industry, and this order for the latest GTF engines, combined with our existing pipeline of brand-new aircraft, will ensure we continue leading the way," said Spirit Airlines' Chief Financial Officer Scott Haralson. "Pairing new planes with the latest engine technology from our long-term business partner Pratt & Whitney allows us to accomplish our mission of delivering the best value in the sky."

Since entering service in early 2016, the GTF engine has demonstrated its promised ability to reduce fuel burn and carbon emissions by 16 percent on A320neo family aircraft, reduce nitrogen oxide emissions by 50 percent compared to the regulatory standard, and reduce the noise footprint by 75 percent.

"We are honored to extend our long-standing relationship with Spirit," said Rick Deurloo, Chief Commercial Officer at Pratt & Whitney. "We appreciate Spirit's continued confidence in us – and in the unmatched economic and environmental performance that our GTF engines are delivering."

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About Spirit Airlines: 
Spirit Airlines (NYSE: SAVE) is committed to delivering the best value in the sky. We are the leader in providing customizable travel options starting with an unbundled fare. This allows our Guests to pay only for the options they choose — like bags, seat assignments and refreshments — something we call Á La Smarte. We make it possible for our Guests to venture further and discover more than ever before. Our Fit Fleet® is one of the youngest and most fuel-efficient in the U.S. We serve destinations throughout the U.S., Latin America and the Caribbean, and are dedicated to giving back and improving those communities. Come save with us at spirit.com.

About Pratt & Whitney
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft and helicopter engines, and auxiliary power units. To learn more visit www.prattwhitney.com. To receive press releases and other news directly, please sign up here.

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SOURCE Spirit Airlines, Inc.

FAQ

What is Spirit Airlines' recent agreement with Pratt & Whitney about?

Spirit Airlines has signed an agreement with Pratt & Whitney for PW1100G-JM engines to power 100 new Airbus A320neo Family aircraft, with options for 50 more.

When will the deliveries of the new aircraft start?

Deliveries of the new Airbus A320neo Family aircraft are expected to begin in 2023.

How does the GTF engine impact Spirit Airlines' operations?

The GTF engine enhances fuel efficiency, promising a 16% reduction in fuel burn and lower emissions, aligning with Spirit's sustainability goals.

What is the significance of the EngineWise® maintenance agreement?

The EngineWise® maintenance agreement ensures comprehensive service for Spirit's fleet of 168 aircraft, enhancing operational reliability and efficiency.