Wizz Air Secures Support Agreement with Pratt & Whitney Amid Ongoing Engine Groundings

December 31, 2024 07:46 PM AEDT | By Team Kalkine Media

Google News:

Wizz Air Secures Support Agreement with Pratt & Whitney Amid Ongoing Engine Groundings — Image source: shutterstock

Recent News

viaim Offers Prime Day Deals on AI-Powered Recording Tools for Global,...

One Tool to Rule Floor Messes: Dreame Wet Dry Vacuums Go Big on Prime...

Regulatory Spotlight: Navigating California’s Climate Accountability P...

Ancestry Confirmed as Wrexham AFC Official Club Partner

Highlights

Wizz Air announces a compensation and support agreement with Pratt & Whitney due to the continued grounding of approximately 40 Airbus A320NEO aircraft.

Agreement covers operational support and direct cost compensation through the end of 2026.

Despite challenges, Wizz Air plans to grow seat capacity by 20% in FY26, driven by the delivery of 50 new Airbus A321NEO aircraft.

Wizz Air Holdings Plc (LSE:WIZZ) has entered into a commercial support agreement with Pratt & Whitney to address the ongoing grounding of its Airbus A320NEO family aircraft equipped with PW1100G-JM geared turbofan engines. The grounding, caused by powder metal issues in the engines, is expected to impact approximately 40 aircraft through FY26.

Support Agreement with Pratt & Whitney
The agreement provides Wizz Air with operational support and a compensation package to cover direct costs arising from the grounded aircraft. The arrangement, effective through the end of 2026, is in line with the levels of support the company has been receiving, ensuring financial stability and minimizing disruptions.

Wizz Air emphasized its commitment to proactive measures to mitigate the impact of grounded aircraft. The company continues to work closely with Pratt & Whitney to expedite inspections and return affected aircraft to service as soon as possible.

Growth Amid Challenges
Despite the engine-related setbacks, Wizz Air remains focused on growth. The airline plans to take delivery of 50 new Airbus A321NEO aircraft during FY26, which will increase its seat capacity by approximately 20%. These latest-generation aircraft will bring the share of A321NEOs in Wizz Air's fleet to 77%, as the company retires older A320CEO models.

The addition of fuel-efficient A321NEO aircraft aligns with Wizz Air’s strategy to enhance sustainability and reduce operational costs. The airline’s continued fleet modernization strengthens its market-leading position in sustainable aviation.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.