ITP has signed its first major risk-sharing contract with Pratt & Whitney (P&W), under which the Spanish aeroengine manufacturer will take on manufacturing, engineering and maintenance work for the US company's PurePower Geared Turbofan (GTF) engine family.
The deal is estimated to be worth €2.5 billion ($3.23 billion) in revenue over the life of the GTF programme, according to ITP, which is 47%-owned by the UK's Rolls-Royce. It also marks the entry of ITP into the mid-sized commercial aeroengine market.
"The contract has double strategic value for ITP," says CEO Ignacio Mataix.
"It is our first big contract with Pratt & Whitney and it's in precisely the one market, single-aisle commercial aircraft, where we had no presence. At the same time, it represents a challenge and a confirmation of the upward trend we have been following here in the ITP Group as a global operator, with a programme that is an excellent way to bring together all the different capabilities at ITP".
The risk and revenue sharing arrangement calls for ITP to supply structures and tubes for the four existing applications for the GTF: the Airbus A320neo, Bombardier CSeries, Mitsubishi Regional Jet and Irkut MS-21. ITP says it will invest "over €100 million" in the project and manufacture the parts at its plants in Spain and Mexico.