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M'bishi Heavy To Buy Pratt & Whitney Turbine Business

Thu, 12/13/2012 - 10:32am
The Associated Press

TOKYO, Dec. 13 (Kyodo) — Mitsubishi Heavy Industries Ltd. said Thursday it will buy the small- and medium-size gas turbine business of U.S. aeroengine maker Pratt & Whitney to further strengthen its energy business.

The move comes after Mitsubishi Heavy recently announced a merger of its thermal power generation business with that of Hitachi Ltd. to increase its international competitiveness.

Mitsubishi Heavy agreed with United Technologies Corp. -- the parent company of Pratt & Whitney -- to acquire Pratt & Whitney Power Systems. The amount to be paid for the acquisition was not disclosed.

Through the acquisition, Turboden s.r.l., an Italian turbine manufacturer and an affiliate company of PWPS, will also become an affiliate of Mitsubishi Heavy.

PWPS's aero-derivative gas turbines, which have been acclaimed for their compact design and rapid start-up time, are expected to draw demand as emergency power sources complementary to renewable energy power sources in the future, according to the Japanese company.

PWPS, together with the Italian affiliate, had around $673 million in sales in 2011. Mitsubishi Heavy and the U.S. firm have collaborated in other businesses, including joint development of the Japanese firm's compact jet planes.

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