Textron and Boeing Win $1.4 Billion in V-22 Work
On Friday, the U.S. Department of Defense announced it has awarded the joint project office of Textron's Bell Helicopter division and Boeing a $1.4 billion contract modification to a previously awarded contract to build V-22 Osprey Tiltrotor aircraft for the Marine Corps and Air Force.
The award concerns some 17 Marine MV-22 Ospreys and four CV-22 Ospreys for the Air Force, both part of the 17th lot of aircraft to be ordered, in fiscal 2013. In addition, the Pentagon clarified, this contract modification "provides funding for long lead components required for the manufacture and delivery" of 19 Marine Ospreys and three Air Force Ospreys as part of Lot 18 in fiscal 2014.
Work under the contract is expected to be completed in September 2016.
Boeing shares dropped ahead of the DoD announcement, falling 1.5% to close at $74.69. Textron shares closed down 0.7% at $24.12.
The article Textron and Boeing Win $1.4 Billion in V-22 Work originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.