BROMMA, Sweden, Dec. 19, 2002 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY):
Volvo Aero Engine Services in Bromma, Sweden, and Corsair International, France, have signed a contract covering overhaul of engines on two of Corsair's Boeing 747 aircraft. The agreement provides Volvo Aero with revenues per engine flight hour and is valid for five years.
The order value is estimated to exceed SEK 400 M.
The engine type to be overhauled is the Pratt & Whitney JT9D-7R4G2 and is expected to result in five or six engine visits during the first year. The agreement is within Volvo Aero's planned volume for the coming year and therefore will not result in any new employment.
"The agreement is an important step in our strategy to secure long-term contracts with operators in the market and is a good complement to the other contracts we signed for this product this year with Aeroflot, Centurion and Sabena Technics," commented Jan Tessmar, Marketing Manager, Volvo Aero Engine Services.
Corsair is a French company that is part of the German travel group TUI. Corsair operates five Boeing 747s, of which two are now contracted for overhaul at Volvo Aero in Bromma.
Corsair flies international passenger traffic from Orly Airport in France.
The agreement was initiated in connection with the Volvo Ocean Race days in La Rochelle, France.
For additional information, contact Jan Tessmar, +46 8 799 2119.
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