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Pratt & Whitney bags highest corporate award |
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02 Dec 2003
Singapore's largest foreign aerospace investor recognised for long-term partnership and strong economic contributions
Singapore Deputy Prime Minister and Coordinating Minister for Security and Defence, Dr Tony Tan presented the 2003 Distinguished Partner in Progress Award (DPIP) to Pratt & Whitney at an award ceremony today. This year's Distinguished Partner in Progress Award (DPIP) was awarded to two companies: Pratt & Whitney and to Murata Manufacturing Co. Ltd of Japan. The latter received the DPIP Award from DPM Tan at a separate ceremony in Singapore in August 2003.
Pratt & Whitney joins the ranks of 17 other world leading companies that have been conferred the DPIP status since 1991. Administered by the Economic Development Board (EDB), the DPIP Award is the highest corporate award presented by the Singapore government to recognise companies for their industry leadership and contribution to economic, social and community activities. Previous DPIP award winners include corporate and industry leaders from the US, Europe and Japan. Refer to table below for the full list of past recipients.
Pratt & Whitney, the largest foreign aerospace investor in Singapore, first established presence here through a joint venture company in 1986. Today, Pratt & Whitney has eight joint-venture and fully-owned subsidiaries in Singapore, which registered over S$1billion in revenue in Singapore last year. With over one-third of its global aerospace repair capacity residing here, Pratt & Whitney has been the most significant foreign player driving Singapore's aerospace industry growth over the last two decades. Operating as a division of the United Technologies Corporation, the company maintains a regional headquarters in Singapore. The company has invested over S$500 million in fixed assets investments in Singapore to date.
Mr. Louis Chenevert, President of Pratt & Whitney, flew in from the US to receive the award on behalf of the company. He said, "The success we have had in Singapore makes it clear that there are great opportunities for growth in our engine services business here to serve customers throughout Asia and the world."
Said Dr Tony Tan in his congratulatory speech, "Pratt & Whitney's world-class operations and outstanding contribution to Singapore is a boost to our aerospace industry and to enhancing Singapore?s status as a global aviation hub. We are honoured that Pratt & Whitney has chosen Singapore as its long term partner. They can be assured that Singapore will continue to work closely with them to further their growth here and in the region."
Pratt & Whitney is a strong advocate of various government initiatives. The company has participated in EDB's Aerospace Re-skilling for Operations (AeRO) Programme, Ministry of Health's employee Healthy Living Initiatives and the Ministry of Community Development?s (MCDS) Work Life initiatives. The company also endorses good corporate citizenship with its subsidiaries organising donation drives for the National Kidney Foundation, the Community Chest and other charitable organisations regularly.
About Pratt & Whitney
Pratt & Whitney (P&W) (US$7.65 b) is one of the top 3 manufacturers of turbofan engines. Products and services include large and small commercial and military turbofan and turboprop engines; spare parts and product support; specialized engine maintenance and overhaul and repair services for airline, government and private fleets, rocket engines and space propulsion systems.
Background of DPIP
Since its inauguration in 1991, 16 foreign companies have received the award in recognition of their significant contributions to Singapore and for their involvement in the nation's social and economic projects. These recipients are often pioneers in their fields or have operations, which encompass a wide range of activities with significant spin-offs to Singapore.
The objective of the programme is to acknowledge these companies for their significant economic and community contributions to Singapore.
For media enquiries, please contact:
Ms Brenda Pang
DID: 65-6832 6959
Mobile: 9437 8838
Email: Brenda_pang@edb.gov.sg
MARKETING COMMUNICATIONS
CORPORATE SERVICES DIVISION
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