decade, IAE embarked on a sales drive in the growing Chinese market. During early 2011, IAE announced a commitment to developing a new generation of the V2500 engine, referred to as SelectTwo, along with the provision of substantial support and continued investment in the family. The modifications were described by aerospace periodical Flight International as "unambitious", being mainly restricted to software improvements to the electronic engine control system. Plans for a further upgrade, designated as SelectThree, were also being discussed amongst the consortium's partner companies; an agreement to extend their partnerships through to 2045 has also been finalised that same year. Later that year, IAE clarified a statement from United Technologies that suggested that production of the V2500 engine would end in 2016; instead, IAE intends to continue to manufacture the engine so long as there are orders being placed for it. During October 2011, it was announced that Rolls-Royce had agreed to sell its 32.5% stake in the joint venture to Pratt & Whitney's parent company, United Technologies (UTC), giving UTC a combined equity ownership share of 49.5% (which is different from UTC's total program share in the IAE collaboration, which stands at 61%). The transaction was completed on 29 June 2012. Rolls-Royce remains active as a major supplier to IAE. During 2011, both Rolls-Royce and Pratt & Whitney proposed establishing a new joint venture to develop engines for future generation mid-size aircraft (120-230 passengers); however, during late 2013, it was announced that the two firms had decided to forego such a collaboration in favour of their own independent operations. IAE's current purpose is the development, production and aftermarket services of the V2500 aero engine family, which powers the Airbus A320 family and McDonnell Douglas MD-90 aircraft. IAE also supplies the V2500-E5 to power the Embraer KC-390 military transport aircraft; this arrangement is the first military application of the engine. The consortium is reportedly open to further military applications for the V2500, in addition to the commercial market. The engine's direct competitor is the CFM International CFM56. Shareholders Current shareholders are: Products IAE V2500 IAE SuperFan References External links IAE Rolls-Royce plc Pratt & Whitney MTU Aero Engines Companies based in Zürich Gas turbine manufacturers Manufacturing companies established in 1983 Multinational aircraft engine manufacturers Joint ventures