RTX chairman and CEO Gregory Hayes speaking at the US Chamber of Commerce's Global Aerospace Summit on Tuesday, Sept 12, in Washington DC. The summit brings together industry experts and government leaders to discuss topics affecting the aviation industry. – AFPpicAerospace suppliers and airlines around the world warned of rising costs and a squeeze on plane capacity after US engine maker RTX disclosed that a rare manufacturing flaw could ground hundreds of Airbus jets in coming years.
“We don’t like the situation, but we think that was the right thing to do,” he said, adding that the problems are “very unfortunate”. The problem may worsen a tug-of-war over engines between airplane factories and repair shops, industry sources told Reuters, as repairs take longer to fix. Shares of RTX, which was formed from the merger of Raytheon and United Technologies in 2020, have lost a quarter of their value since disclosing the problem in July.