Wizz Air Holdings PLC (OTC:WZZZY) has entered a new agreement with Pratt & Whitney, an RTX Corporation (NYSE:RTX) unit, to address ongoing engine issues with PW1100G-JM geared turbofan engines.
The airline projects around 40 Airbus A320NEO family planes will remain grounded through fiscal 2026 due to required engine inspections. Wizz Air is working with Pratt & Whitney to minimize financial and operational impacts and expedite the return of grounded aircraft.
The deal includes operational support and compensation for costs related to grounded aircraft through 2026.
Also Read: RTX Invests In India: 1,000 New Jobs, Bengaluru Expansion, Plans For Global Talent Hub
Despite these setbacks, Wizz Air plans to grow its fleet by adding 50 new Airbus A321NEO aircraft in fiscal 2026 and boost seat capacity by 20%. This will increase the share of fuel-efficient A321NEO planes in its fleet to 77%, supporting its sustainability and efficiency goals.
Price Action: RTX shares are trading higher by 0.30% at $115.56 at the last check Tuesday.
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