Pratt & Whitney Issues Statement on Joint Venture

"In October 2011, Rolls-Royce and United Technologies Corp. (UTC) announced their intention to form a new joint venture to develop an engine to power future mid-size aircraft (120-230 passenger aircraft). Following further discussion and because of the current regulatory environment, the parties have agreed not to proceed with the partnership. Pratt & Whitney remains fully committed to this important market segment and will continue independently to invest in and develop applications of its geared turbofan engine to power the next generation of midsized aircraft."