February 27, 2018 / 11:41 AM / 9 months ago

Safran working on plans to get LEAP jet engine deliveries back on schedule

FILE PHOTO - Safran Chief Executive Philippe Petitcolin adjusts his handset during the inauguration of the Safran Aircraft Engines plant in Queretaro, Mexico, February 21, 2018. REUTERS/Edgard Garrido

PARIS (Reuters) - Safran (SAF.PA) is working on plans to get LEAP jet engine deliveries back on schedule by mid-year after the knock-on effect of supplier quality problems pushed back deliveries by 4-5 weeks, said Chief Executive Philippe Petitcolin.

Safran, which along with GE (GE.N) faced calls from Airbus (AIR.PA) this month to eradicate delays in the deliveries of the LEAP engine in 2018, had said earlier it was executing a “strong action plan” to cut costs and achieve a gross breakeven on the engine by end-decade.

As Petitcolin was speaking to reporters after Safran’s results, Airbus Chief Executive Tom Enders also issued a statement.

“It’s nice to read that they have a strong action plan to cut costs on the LEAP. However, it is much more important and urgent right now that Safran and GE recover the programme and deliver on time and on quality,” said Enders in his statement.

Reporting by Tim Hepher; Editing by Sudip Kar-Gupta

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