Firth Rixson Limited, Pratt & Whitney Sign LTA for Commercial & Military Ring Requirements
Sheffield, UK and East Hartford, CT, USA – Thursday, 11 October 2007
Firth Rixson Limited today announced that it has reached a long-term agreement to supply Pratt & Whitney with the predominate share of its seamless ring forging requirements, spanning the entire line of P&W commercial and military engines. Under the terms of this agreement Firth Rixson achieves preferred supplier status for current and future P&W programs.
Further to this new agreement, the existing supply agreement with Pratt & Whitney Canada and Firth Rixson was extended through 2012. The new combined P&W – P&WC supply agreement is projected to double Firth Rixson’s participation on P&W programs.
"With this agreement, Firth Rixson continues to strengthen its position as the leading supplier of forged rings to the aerospace industry," said David Mortimer, CEO of Firth Rixson. "Along with our broadened participation and strengthened role as a strategic supplier to Pratt & Whitney, Firth Rixson is committed to attaining Supplier Gold status."
Note to Editors
Firth Rixson Limited (www.firthrixson.com), a major provider of highly engineered forged and specialty metal products, is majority owned by The Oak Hill Group, a private equity firm. Headquartered in Sheffield, UK, Firth Rixson serves customers worldwide in market sectors such as aerospace, defense, power generation, and transportation, petrochemical, medical and general industrial. Firth Rixson owns 12 operating facilities in North America, Europe and Asia.
About Oak Hill Capital Partners
Oak Hill Capital Partners is a private equity firm with more than $6 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M. Bass is the lead investor. During a period of over 21 years, the professionals at Oak Hill Capital Partners have invested in more than 60 significant private equity transactions. Oak Hill Capital Partners is one of several separate Oak Hill partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships comprise more than $25 billion of investment capital across multiple asset classes, including private equity, special situations, high yield and bank debt, venture capital, real assets, public equity and hedge funds. In addition to Firth Rixson, the Oak Hill partnerships’ current aerospace investments include (i) Primus International, Inc., a global Tier II supplier of structural components, kits and assemblies, (ii) Southern Air Holdings, Inc., a lowcost provider of air cargo services to airlines worldwide, (iii) OH Aircraft Acquisition, LLC, a newly-formed aircraft leasing company that has executed a definitive agreement with The Boeing Company to acquire six Boeing 777 freighter aircraft, and (iv) a portfolio of aircraft on lease to airlines around the world.
