GLASTONBURY, CT -- (Marketwire) -- 02/15/12 -- Singapore Air Show -- Sichuan Airlines has entered into an agreement under which International Aero Engines will provide V2500 engines to power eight new A320 series aircraft. The order includes a long-term aftermarket services agreement.

The deal is valued at $300 million. Deliveries will commence in January 2014 and continue into 2015.

Over the past 16 years, IAE has provided engines and services to Sichuan's A320 fleet that has grown to 85 aircraft in service and on order. Since 2008, IAE has held the distinction of being the airline's preferred engine supplier and supports Sichuan's current fleet operations of 60 V2500-powered aircraft.

"Sichuan Airlines is the first and exclusive V2500 operator in China," said Lan Xinguo, chairman of Sichuan Airlines. "We highly regard our close working relationship with IAE and have derived value in continuous technology improvements on the V2500 engine in the past 16 years."

"This represents one more milestone in our long-standing shared history with Sichuan Airlines. It is a new start point to continue this historical partnership, and we look forward to our shared future growth," commented IAE Executive Vice President of Customer Business Jim Guiliano. "The first aircraft delivery to Sichuan Airlines started a most successful 16 year legacy for IAE in China that will continue well into the future."

IAE is a multinational aero engine consortium whose shareholders comprise of Pratt & Whitney (NYSE: UTX), Rolls-Royce (LSE: RR), Japanese Aero Engines Corporation and MTU Aero Engines. Through 2011, over 4,900 have been delivered and nearly 2,000 more engines on order with close to 200 customers around the world.