International Aero Engines / IAE
IAE International Aero Engines AG is a Zürich-registered joint venture manufacturing company founded in 1983 to develop an engine to address the 150-seat single aisle market.
The original collaboration involved Pratt & Whitney of the United States, Rolls-Royce plc of the United Kingdom, Japanese Aero Engine Corporation of Japan and MTU Aero Engines of Germany. FiatAvio withdrew as a shareholder of the program early on, but the now-renamed Avio S.p.A. remainede as a supplier. The "V" product nomenclature remains as a legacy of the five original shareholders.
The collaboration produced the V2500 – the second most successful commercial jet engine program in production in terms of volume, and the third most successful commercial jet engine program in aviation history.
In October 2011, Rolls-Royce agreed to sell its 32.5% stake in the company to Pratt & Whitney's parent company, United Technologies (UTC), giving UTC a combined equity ownership share of 49.5% (which is different from UTC's total program share in the IAE collaboration, which stands at 61%). The transaction was completed on 29 June 2012.
Rolls-Royce remains a major supplier to IAE.
IAE had developed the abortive Superfan for the Airbus A340. IAE's purpose became the development, production and aftermarket services of the IAE V2500 aero engine family.
By 2012, more than 5,700 engines had been delivered and approximately 1,600 more were on backlog, which is equivalent to nearly five full years production. Over the previous five years, production had doubled with over an engine a day being delivered.
In 2011, the IAE Executive Board of Directors announced the extension of its collaboration agreement to 2045. After receiving regulatory approvals and partner consent, Pratt & Whitney closed on the purchase of Rolls-Royce’s equity and program share in IAE on June 29, 2012. Rolls-Royce were to continue to support IAE as a strategic supplier for the V2500 engine and continue to perform its key responsibilities for IAE, including the manufacture of parts and engines, as well as supply MRO services for IAE’s fleet.
Shareholders in 2012 were:
The Japanese Aero Engine Corporation consisted of: