Wizz Air Holdings has announced that its capacity will be affected due to the inspection of Pratt & Whitney GTF engines, which will result in the grounding of its aircraft. In response, the airline intends to seek financial compensation from the engine manufacturer.
The London-listed airline, focused on eastern Europe, stated on Monday that engines will be taken out for shop visits throughout 2023 and into 2024. Wizz Air is currently evaluating the implications in order to determine the extent of the impact on its fleet. Preliminary estimates suggest a potential 10% reduction in capacity for the second half of the fiscal year ending in March 2024.
Earlier in the day, engine maker RTX announced that it anticipates a pre-tax charge of approximately $3 billion due to a recall of hundreds of Pratt & Whitney jet engines. The recall is related to concerns about the powder metal used in certain engine components. RTX has indicated that around 600 to 700 engines will need to be removed for inspection.
MTU Aero Engines, based in Germany, has also stated that it expects a financial hit of around 1 billion euros ($1.07 billion) as a result of the engine recall.
"Wizz Air will work closely with Pratt & Whitney to minimize any negative impact on its fleet and business costs. The company is taking proactive measures to mitigate any financial and operational consequences and will be pursuing financial compensation from Pratt & Whitney," said the airline in a statement.
At 1415 GMT, Wizz Air's shares were down 2.7% at 1,988.50 pence.
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