Mitsubishi Heavy Industries to buy Pratt & Whitney Power Systems
MHI and UTC, Pratt & Whitney's parent company, signed the agreement earlier this week.
Mitsubishi Heavy Industries, Ltd. (MHI) has concluded an agreement with United Technologies Corp. the U.S. under which MHI will acquire Pratt & Whitney Power Systems, the small and medium-size gas turbine business unit of Pratt & Whitney, an aeroengine manufacturer. MHI and UTC, P&W's parent company, signed the agreement earlier this week.
Pratt & Whitney engages primarily in the engineering, assembly and sales of aero-derivative gas turbines and also provides gas turbine services and engineering, procurement and construction services of related power generation systems.
The company has about 430 employees. Pratt & Whitney owns a majority share of Turboden of Italy, a manufacturer of Organic Rankine Cycle (ORC) turbines, which will also be included as part of the acquisition.
Mitsubishi, which has focused its gas turbine business principally on large-capacity, high-efficiency systems, will significantly diversify its power generation product portfolio with the acquisition of Pratt & Whitney.
Pratt & Whitney U.S. operations will be aligned with Mitsubishi Power Systems Americas, Inc., headquartered in Lake Mary, Florida.
Turboden's ORC turbines have the capability to generate power or supply hot water using a relatively low-temperature heat source, e.g. biomass, factory waste heat or geothermal energy. Until now the company has sold more than 300 units in 20 countries, primarily in Europe. In Japan, increasing opportunities are emerging to use this technology in biomass and geothermal applications.