RTX's Pratt & Whitney and Cebu Pacific sign long-term engine maintenance deal
GTF maintenance agreement supports airline's long-term fleet plans
PARIS, June 16, 2025 /PRNewswire/ -- Pratt & Whitney, an RTX (NYSE: RTX) business, and Cebu Pacific (CEB) have signed a long-term EngineWise™ comprehensive maintenance services agreement for the airline's GTF engine fleet. This agreement aligns Cebu Pacific's maintenance costs to the utilization of the airline's engines.
'The agreement reflects our ongoing collaboration with Cebu Pacific to optimize the reliability and efficiency of their fleet,' said Rick Deurloo, president of Commercial Engines at Pratt & Whitney. 'It underscores our commitment to enabling our customer's network expansion and growth.'
The 12-year agreement provides comprehensive support for the GTF engines Cebu Pacific ordered in 2024. This includes the historic order of engines for up to 152 A321neo aircraft announced in July 2024 along with the engines for the 15 A320neo family aircraft that was announced in February 2024.
Through Pratt & Whitney's fleet management programs, the airline gains access to technical expertise, fleet data, and business intelligence – ensuring greater transparency and predictability in maintenance planning.
'Maintaining the performance and efficiency of our fleet is a top priority,' said Mike Szucs, chief executive officer of Cebu Pacific. 'The GTF engine has enabled up to 20% reduction in fuel burn compared to previous-generation engines – translating into meaningful savings in fuel efficiency, lower emissions and reduced operating costs. This agreement strengthens our ability to scale sustainably while continuing to deliver on our commitments to passengers.'
Currently, Cebu Pacific operates 56 Pratt & Whitney powered aircraft. Prior to GTF engines, Pratt & Whitney supplied JT8D engines for the airline's DC-9 aircraft fleet. Pratt & Whitney and Cebu Pacific's relationship extends back to the 1990s.
About Cebu Pacific
Cebu Pacific is the Philippines' largest carrier both domestically and internationally with 37 domestic destinations, with hubs in Manila, Cebu, Clark, Iloilo, and Davao. It also currently operates flights to 26 international destinations, spanning across Asia, Australia, and the Middle East. Cebu Pacific currently operates a fleet of 98 aircraft—the youngest jet fleet in the Philippines—including a diversified mix of Airbus A320, A321, A330, and ATR aircraft.
For questions or to schedule an interview, please contact
[email protected].
About Pratt & Whitney
Pratt & Whitney, an RTX business, is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units for military, commercial and civil aviation customers. Since 1925, our engineers have pioneered the development of revolutionary propulsion technologies, and today we support more than 90,000 engines in service through our global network of maintenance, repair and overhaul facilities.
About RTX
RTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.
For questions or to schedule an interview, please contact [email protected].
View original content: https://www.prnewswire.com/news-releases/rtxs-pratt--whitney-and-cebu-pacific-sign-long-term-engine-maintenance-deal-302481619.html
SOURCE RTX
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Why Volkswagen is convinced Waymo and Tesla are vulnerable in the $500 billion robotaxi race — ‘not a winner take all market'
The German carmaker is preparing to enter the market for autonomous ride-hailing services next year with its Volkswagen ID. Buzz AD. But instead of competing against existing transportation providers, it aims to work with them as a partner. The different approach comes amid continued popular resentment towards robotaxis. When Big Tech first began deploying self-driving cars to San Francisco two years ago, companies encountered something unusual—popular resistance. Angry residents would sabotage the robotaxis with the help of traffic cones, while the city's fire department chief herself would regularly malign them as a dangerous nuisance. Even today, during the recent outbreak of civil unrest in Los Angeles over mass deportations, protesters caused hundreds of thousands of dollars when they deliberately torched Waymo cars. One old economy company preparing to enter the autonomous ride-hailing space is taking a completely different approach when it launches next year. Germany's Volkswagen is wagering society at large is increasingly fed up with the collateral damage left behind by Silicon Valley's move-fast-and-break-things mentality. 'Our approach is different—we deliberately want to act as partners that build upon existing infrastructure,' VW Group executive Sascha Meyer told Fortune during a test drive of its robotaxi. 'A key point for social acceptance we believe is being a service provider whose presence is desired precisely because we will not be competing with systems already in place.' This week, VW revealed the series production version of its autonomous ride-hailing cab based on its retro-styled VW ID. Buzz EV microbus. Packaged together with the requisite fleet management software and digital customer booking platform, it wants to offer local transportation authorities and other commercial fleets a turnkey solution that can be integrated effortlessly into their service. While a Waymo or a Tesla plan to compete with existing providers, the German carmaker aims to be an equal partner working hand in glove with communities that want their help. Even if the first roughly 500 vehicles won't be deployed to Uber for use in Los Angeles until next year, VW believes the race for market share is only just beginning. It's convinced there will be more than enough demand to grab a bite out of the €350 billion-€450 billion in revenue McKinsey projects for autonomous ride-hailing services in North America and Europe by 2035. That's more than half a trillion dollars worth of growth over the next 10 years, potentially. Meyer runs MOIA, the mobility services subsidiary of the VW Group which will offer a high-tech version of the zero-emission Volkswagen ID. Buzz electric minivan complete with the backend software ecosystem around it. Fortune had a chance to ride along with Meyer in one as the robotaxi navigated its way—with a safety driver behind the wheel at all times—through the busy streets of Hamburg. Here in Germany's second-largest city, Volkswagen has quietly been testing the technology for several years now thanks to the active support of city officials. The white label service Volkswagen has in mind means all customers need to do is slap their logo on the vehicle and adorn the customer-facing front end with their respective corporate identity and they are ready to go. The group's go-to-market strategy heavily incorporates public transit authorities, an approach influenced by its European roots. With their extensive wealth of well-built mass transit networks, these mainly state and municipal-owned companies play a role in urban, suburban and ex-urban mobility so crucial it would be difficult to displace them. Take for example the BVG authority operated by the German capital of Berlin, with whom VW Group already has signeda letter of intent. Three million people entrust their everyday transportation needs to its fine meshed web of buses, streetcars, subways and commuter trains to get back and forth in the greater metropolitan area every day. A BVG-branded robotaxi integrated into its service should see far faster adoption than were Volkswagen to compete alongside it. In a way, VW's partnership approach to the market is a natural fit. Carmakers have decades of experience working closely with regulators from various agencies, state and federal, to ensure their cars conform with traffic safety and environmental standards. In Silicon Valley, however, regulators are often viewed with suspicion—at best an irritant, at worst the enemy. The debacle around robotaxi developer Cruise proved that: following a fateful October 2023 accident in San Francisco, the tech startup deliberately withheld crucial information from crash investigators, shattering what trust was placed in them by the state of California only weeks earlier. When Cruise owner General Motors found out, it acted swiftly to sideline the CEO, but by then it was too late and the reputational damage was done. Cruise ceased all operations and GM pulled out of the autonomous ride-hailing race in December. With crosstown rival Ford already giving up even earlier, only Volkswagen and Hyundai, through its Motional subsidiary, still remain in contention from the legacy car industry. The rest are AI tech companies like Waymo, Tesla, Amazon subsidiary Zoox as well as their foreign equivalents like China's Baidu and Wayve in the UK. Of course, Meyer knows that the competition has a head start they won't hand over willingly. 'Waymo has an indisputable lead, that's clear, and I don't believe they're going to slow down in any way,' he told Fortune. Then there's Tesla, which is gearing up to launch its own pilot in Austin due to launch Sunday. While Meyer readily admits it's likely only a matter of time until Tesla can graduate to a full commercial robotaxi service, he believes all is not lost. For one, neither is present in Europe, a market known for being far more risk-averse towards unproven technologies and quick to regulate against threats towards public safety. Tesla's vaunted Full Self-Driving (FSD) feature, a software stack that will imbue its robotaxis with the requisite intelligence, hasn't yet been approved for use anywhere on the continent. In fact, it's not even available as an advanced driver assist. This offers enough of an opportunity for Volkswagen to greenlight the production of at least 10,000 robotaxi vehicles, potentially more. And even if Waymo and Tesla do retain their lead by the time VW is ready, Meyer believes communities will demand some degree of healthy competition among autonomous ride hailing providers in order to ensure an optimum service for a low cost. 'No one, not even in the United States, will be happy if there's a monopoly,' he said. 'We don't believe it will be a winner-takes-all market.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
39 minutes ago
- Yahoo
Carney travelling to Europe for security, defence talks with EU, NATO
OTTAWA — Prime Minister Mark Carney will depart for Europe on Sunday for back-to-back summits where he is expected to make major commitments for Canada on security and defence. Carney will be joined by Foreign Affairs Minister Anita Anand, Defence Minister David McGuinty and secretary of state for defence procurement Stephen Fuhr at the EU and NATO summits, where military procurement and diversifying supply chains will top the agendas. The international meetings come as Canada looks to reduce its defence procurement reliance on the United States due to strained relations over tariffs and President Donald Trump's repeated talk about Canada becoming a U.S. state. Carney will fly first to Brussels, Belgium, starting the trip with a visit to the Antwerp Schoonselhof Military Cemetery where 348 Canadian soldiers are buried. He will also meet with Belgian Prime Minister Bart De Wever, European Council President António Costa and European Commission President Ursula von der Leyen. At the EU-Canada summit, Anand and McGuinty are expected to sign a security and defence agreement with the EU in what one European official described Friday as one of the most ambitious deals Europe has ever signed with a third country. The agreement will open the door to Canada's participation in the ReArm Europe initiative, allowing Canada to access a 150-billion-euro loan program for defence procurement, called Security Action for Europe. An EU official briefing reporters on Friday said once the procurement deal is in place, Canada will have to negotiate a bilateral agreement with the European Commission to begin discussions with member states about procurement opportunities. A Canadian official briefing reporters on the summit Saturday said the initial agreement will allow for Canada's participation in some joint procurement projects. However, a second agreement will be needed to allow Canadian companies to bid. At the EU-Canada summit, leaders are also expected to issue a joint statement to underscore a willingness for continued pressure on Russia, including through further sanctions, and call for an immediate and permanent ceasefire in Gaza. After Brussels, Carney heads to The Hague in the Netherlands for the NATO leaders' summit on Tuesday and Wednesday. There, Carney will meet with the King of the Netherlands and later with leaders of Nordic nations to discuss Arctic and transatlantic security. At the NATO summit, Carney will take part in bilateral meetings with other leaders. The summit agenda includes a social dinner hosted by the king and queen of the Netherlands and a two-and-a-half hour meeting of the North Atlantic Council. NATO allies are expected to debate a plan to hike alliance members' defence spending target to five per cent of national GDP. NATO data shows that in 2024, none of its 32 members spent that much. The Canadian government official who briefed reporters on background says the spending target and its timeline are still up for discussion, though some allies have indicated they would prefer a seven-year timeline while others favour a decade. Canada hasn't hit a five- per- cent defence spending threshhold since the 1950s and hasn't reached the two per cent mark since the late 1980s. NATO says that, based on its estimate of which expenditures count toward the target, Canada spent $41 billion in 2024 on defence, or 1.37 per cent of GDP. That's more than twice what it spent in 2014, when the two per cent target was first set; that year, Canada spent $20.1 billion, or 1.01 per cent of GDP, on defence. In 2014, only three NATO members achieved the two per cent target — the U.S., the U.K., and Greece. In 2025, all members are expected to hit it. Any agreement to adopt a new spending benchmark must be ratified by all 32 NATO member states. Former Canadian ambassador to NATO Kerry Buck told The Canadian Press the condensed agenda is likely meant to "avoid public rifts among allies," describing Trump as an "uncertainty engine." "The national security environment has really, really shifted," Buck said, adding allies next door to Russia face the greatest threats. "There is a high risk that the U.S. would undercut NATO at a time where all allies are increasingly vulnerable." Trump has suggested the U.S. might abandon its mutual defence commitment to the alliance if member countries don't ramp up defence spending. "Whatever we can do to get through this NATO summit with few public rifts between the U.S. and other allies on anything, and satisfy a very long-standing U.S. demand to rebalance defence spending, that will be good for Canada because NATO's good for Canada," Buck said. Carney has already made two trips to Europe this year — the first to London and Paris to meet with European allies and the second to Rome to attend the inaugural mass of Pope Leo XIV. This report by The Canadian Press was first published June 22, 2025. Catherine Morrison, The Canadian Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
an hour ago
- Yahoo
While institutions own 38% of Serabi Gold plc (LON:SRB), individual investors are its largest shareholders with 51% ownership
The considerable ownership by individual investors in Serabi Gold indicates that they collectively have a greater say in management and business strategy 44% of the business is held by the top 25 shareholders Insiders have been buying lately AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. If you want to know who really controls Serabi Gold plc (LON:SRB), then you'll have to look at the makeup of its share registry. We can see that individual investors own the lion's share in the company with 51% ownership. Put another way, the group faces the maximum upside potential (or downside risk). Institutions, on the other hand, account for 38% of the company's stockholders. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. Let's delve deeper into each type of owner of Serabi Gold, beginning with the chart below. See our latest analysis for Serabi Gold Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. As you can see, institutional investors have a fair amount of stake in Serabi Gold. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Serabi Gold, (below). Of course, keep in mind that there are other factors to consider, too. Serabi Gold is not owned by hedge funds. Fratelli Investments Ltd is currently the largest shareholder, with 10.0% of shares outstanding. Hargreaves Lansdown Asset Management Ltd. is the second largest shareholder owning 7.4% of common stock, and Aberdeen Group Plc holds about 6.2% of the company stock. Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. Quite a few analysts cover the stock, so you could look into forecast growth quite easily. The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group. Our most recent data indicates that insiders own less than 1% of Serabi Gold plc. It has a market capitalization of just UK£137m, and the board has only UK£346k worth of shares in their own names. We generally like to see a board more invested. However it might be worth checking if those insiders have been buying. The general public -- including retail investors -- own 51% of Serabi Gold. This size of ownership gives investors from the general public some collective power. They can and probably do influence decisions on executive compensation, dividend policies and proposed business acquisitions. With an ownership of 10.0%, private equity firms are in a position to play a role in shaping corporate strategy with a focus on value creation. Some investors might be encouraged by this, since private equity are sometimes able to encourage strategies that help the market see the value in the company. Alternatively, those holders might be exiting the investment after taking it public. While it is well worth considering the different groups that own a company, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Serabi Gold , and understanding them should be part of your investment process. Ultimately the future is most important. You can access this free report on analyst forecasts for the company. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
