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February 14, 2016 12:06 PM ET

Aerospace and Defense

Company Overview of Pratt & Whitney Canada Corp.

Company Overview

Pratt & Whitney Canada Corp. designs, develops, manufactures, and supplies aircraft engines for business, general aviation, regional aircraft, helicopter, and utility markets worldwide. It offers turboprop, turboshaft, and turbofan engines; repair and overhaul, sale/rental/exchange, parts sale and maintenance, maintenance/warranty programs, diagnostic/prognostic, and customer training services; and technical publications and tooling solutions. The company serves aircraft operators and manufacturers. It offers products through sales representatives. The company was founded in 1928 and is headquartered in Longueuil, Canada with research and manufacturing facilities in Canada and internationall...

1000 Marie-Victorin Boulevard

Longueuil, QC J4G 1A1

Canada

Founded in 1928

Phone:

450-677-9411

Fax:

450-647-3620

Key Executives for Pratt & Whitney Canada Corp.

President
Age: 55
Vice President of Finance
Vice President of Operations
Vice President, Corporate Secretary and Counsel
Chief Information Officer and Executive Director
Compensation as of Fiscal Year 2015.

Pratt & Whitney Canada Corp. Key Developments

Pratt & Whitney Canada Corp. to Repay $1 Billion Debt Early

Pratt & Whitney Canada Corp. is clearing its debts with taxpayers, striking new terms with Canada and Quebec to repay early more than $1 billion in loans owing to the two levels of government in a move that has potential repercussions for Bombardier Inc. United Technologies Corp. disclosed in a regulatory filing Wednesday that Pratt & Whitney Canada signed amendments to existing loans agreements with the governments on Dec. 30. Records show the engine manufacturer has historically been the larger beneficiary by far of federal support for research and development. The company will make four annual payments totaling $965 million to $1.4 billion (Canadian) at current exchange rates - starting this month to fully settle and terminate its previous contractual obligations related to royalties to the two governments, according to the filing. That means PWC will now no longer have to pay royalties to the lenders based on its engine sales. Under previous agreements, the zero-interest loans were not due until 2030 at the earliest, Pratt spokesman Marc Duchesne said. Now they'll be off the books by 2020. $1.5-billion restructuring plan last month centred on what it called "structural cost reductions in high-cost locations. Under the revised loan agreements, PWC will also spend about $8-million a year over 14 years to support innovation and research and development through existing partnerships with postsecondary schools and key industry associations. The rationale for the early repayment by UTC is not entirely clear beyond the fact it has the money in hand. UTC sold its Sikorsky helicopter business, the maker of the Black Hawk chopper, to Lockheed Martin for $9 billion cash in a deal announced this past July. It subsequently rolled out another share-repurchase program. UTC said its Pratt & Whitney unit recorded a pretax charge of about $870-million in the fourth quarter of 2015 related to the repayments. Ottawa lent PWC money under three separate programs, notably the Defence Industry Productivity Program, Strategic Aerospace and Defence Initiative (SADI) and its previous incarnation, Technology Partnerships Canada. Quebec's support, representing roughly a 10th of the total, was made under the umbrella of Investissement Quebec. The contract with Bombardier is a key one for the company. UTC's move to repay its loans early would free up cash at both the federal and Quebec levels for other aerospace and defence suppliers, at least in theory. That means Bombardier, which has approached the Trudeau government to invest in its C Series airliner program to match $1-billion in funding committed by Quebec, could benefit.

Pratt & Whitney to Expand Manufacturing Facility in Nova Scotia

Pratt & Whitney Canada is planning a $67 million investment over the next six years at its manufacturing facility near the Halifax airport. The Nova Scotia government says it will provide up to 20% or $13.4 million of the costs of the project. The investment will allow it to build components of its new PurePower PW800 engines and upgrade its engine blade manufacturing facility.

Pratt & Whitney Canada Plan to Spend $1 Billion - Including $300 Million from the Federal Government to Develop New Aircraft Engines

Pratt & Whitney Canada announced a plan to spend $1 billion - including $300 million from the federal government - over the next four and a half years to develop new aircraft engines. Ottawa said its investment in the aerospace company will help support nearly 1,500 jobs over the next five years. The federal government's contribution comes in the form of a $300-million repayable contribution through its Strategic Aerospace and Defence Initiative.

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