SIA Engineering company invests in Pratt & Whitney new-generation engine to propel growth

SIA Engineering Company Limited (SIAEC) announced (18-Jan-2010) a definitive agreement with Pratt & Whitney (P&W) to participate in its PW1000G Risk-Revenue Sharing Program (RRSP). P&W is developing the PW1000G engine to power Next Generation Single-Aisle (NGSA) aircraft. SIAEC will participate in the PW1000G engine RRSP with a 3% stake in the CSeries aircraft engine program and a 1% stake in the MRJ aircraft engine program. To hold SIAEC's investments in the CSeries and MRJ aircraft engine programs, SIAEC has incorporated two special-purpose, wholly-owned subsidiaries, namely NexGen Network Holding and NexGen Network Holding. The transaction is not expected to have a material impact on SIAEC's financial performance in FY2009/2010. [more]