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Piper, Pratt & Whitney Canada sign 10-year agreement

Piper Aircraft, Inc. has reached a 10-year agreement with Pratt & Whitney Canada (P&WC) for the continuing purchase of PT6A-42A turboprop engines to power Piper's flagship aircraft, the single-engine M-Class Meridian. P&WC is a United Technologies Corp. (NYSE:UTX) company.

Piper President and CEO Simon Caldecott announced the accord at a news conference on the first day of EAA AirVenture 2012, held here July 23-29.

"This agreement speaks to the long-standing and cooperative relationship we have with Piper," said Denis Parisien, Vice President, General Aviation, P&WC. "We are very pleased to continue to work with Piper to meet its current and future engine needs, and we expect that this new agreement will set the stage for joint development work in the future."

"The completion of this long-term agreement is a significant new milestone for us," said Piper's Caldecott. "It will ensure that our turboprop customers of the future will have a reliable and proven powerplant backed by world-class customer support."

500th Meridian Delivers This Year

P&WC and Piper have worked closely together since 2000 when the Malibu Meridian, forerunner of today's M-Class Meridian, first entered the marketplace. Before the end of this year Piper will deliver its 500th P&WC-powered turboprop.

"PT6 engines are used by some 7,000 operators around the globe and stand as a testament to how P&WC reinvents its products to meet emerging customer needs. We have consistently taken advantage of aerodynamic and material technology advancements to enhance the performance of the PT6, and continually strive to deliver the highest value to our customers," Parisien said.

There are currently more than 22,000 PT6A engines in operation today, and the engine has booked a remarkable 335 million hours of flight. From flying in the Antarctic at 75 degrees below zero to supporting environmental efforts in reforestation programs, the PT6 engine and its adaptability continue to earn the respect and loyalty of pilots worldwide.

About the Meridian

The Piper Meridian is a single-engine turboprop that seats six with club-seating. It is powered by the P&WC PT6A-42A 500 shp engine and has a 260 KTAS / 482 km/h maximum cruise speed and a range of 1,000 nm / 1,885 km. The standard list price of the Meridian is $2,133,650 equipped with the Garmin G1000 avionics suite.

Press release issued by Piper Aircraft, Inc. on July 27, 2012

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