United Technologies Corp.'s (NYSE:UTX) Pratt & Whitney announced it has landed a deal with Indian budget airline IndiGo for 300 engines.
Pratt & Whitney president David Hess noted, "The backlog keeps getting bigger. And we better start cranking up the test program and get these engines through development and into production and out to our customers."
He said the deal with IndiGo confirms the strong demand for its new engine, which has been in development for over 2 decades.
United Technologies Corp. has spent over $1 billion during that time of development of the engine, which increases fuel efficiency while cutting back on noise.
"This new engine and this application here is going to give us the ability to start to take back share in the large commercial engine business," Hess concluded.
United Technologies was trading at $84.87, gaining $0.64, or 0.76 percent, as of 1:25 PM EDT.
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