Pratt & Whitney Canada to Invest Over $360 Million in R&D
LONGUEUIL, Quebec.– Pratt & Whitney Canada (P&WC) will invest over $360 million in research and development in the Montreal area over the next three years following the Quebec government’s decision to provide the company with reimbursable support for R&D. P&WC is a United Technologies Corp. (NYSE: UTX) company.
Raymond Bachand, Minister of Economic Development, Innovation and Export Trade, and Minister of Tourism announced today that Investissement Québec will invest $125 million over the same period of time to support P&WC’s R&D activities in Longueuil, Quebec. The investment is repayable from royalties on sales.
“This is terrific news for the company as it will help us strengthen our technology base,” said John Saabas, executive vice president of P&WC. “This reimbursable support will help maintain our R&D activities in the Montreal region and will contribute to Quebec’s economy.”
P&WC’s $360 million R&D investment will be aimed at further improving engine technology required to surpass the world’s most stringent environmental standards, while delivering outstanding performance, durability and operating economics.
P&WC is the No. 1 R&D investor in Canada’s aerospace sector. “Our sustained investments in R&D have allowed us to bring more than 65 new engines to market over the past 15 years, a significant accomplishment,” added Saabas.
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