EXCLUSIVE-Wizz Air working on deal with Pratt & Whitney to help clear engine servicing block, CEO says
Wizz Air is negotiating with Pratt & Whitney to expedite engine servicing, addressing delays that have grounded parts of its fleet. The defect in Pratt & Whitney GTF engines has affected airlines globally, particularly Wizz Air's Airbus A320neo-family jets. A successful deal could restore fleet operations, enhance investor confidence, and improve the airline's struggling share price. Wizz Air aims to finalize the agreement before its half-year results on November 13, with broader discussions on purchasing more engines also ongoing.
By Joanna Plucinska
LONDON, Sept 1 (Reuters) - Wizz Air (WIZZ.L) is working towards a deal with RTX-owned (RTX.CO) jet engine maker Pratt & Whitney to accelerate the servicing of its engines, delays with which have left large chunks of the European low-cost carrier’s fleet grounded, its CEO told Reuters on Monday.
A defect in the powder metal used to make high-pressure turbines and compressor discs has impacted certain Pratt & Whitney GTF engines, disrupting airlines globally, especially those, like Wizz, flying Airbus (AIR.PA) A320neo-family jets.
If the previously unreported talks result in a deal, it could help Wizz get its fleet back up to full speed faster, boost investor confidence and lift the carrier’s struggling share price. The firm’s exit from the Abu Dhabi market earlier this summer also gave it some support.
Wizz Air’s all-Airbus fleet has been hit particularly hard by the defect as the entire industry grapples with delayed supply chains on repairs and maintenance.
Shares in Wizz Air have been among the worst performers in the European airlines market in the last year in large part due to the groundings.
Wizz is aiming to finalize the accelerated deal with Pratt & Whitney ahead of reporting its first half-year results on November 13, Jozsef Varadi said.
He added that the talks with P&W were more broadly associated with a purchase deal for more engines announced in Paris in June.
“We’re going to be seeing a lot of engines going into shops for maintenance work,” Varadi told Reuters in an interview. “What is new, and the improvement, is the earlier recovery of those engines.”
Varadi told Bloomberg earlier this month that he aims to turn Wizz Air’s fortunes around by mid-2027, without mentioning the Pratt & Whitney deal.
