Pentagon Awards Bell/Boeing $73 Million for V-22 Osprey Work
On Monday, the Department of Defense awarded the Bell/Boeing Joint Program Office -- a joint venture between aerospace firms Boeing and the Bell Helicopter division of Textron -- a $73 million contract to repair 142 separate components on V-22 tiltrotor aircraft built by the joint venture.
The V-22, also known as the Osprey, is the first tiltrotor aircraft capable of taking off vertically like a helicopter, then transitioning to prop-driven forward movement like an airplane. It thus marries the flexibility of a helicopter to operate in rough terrain, with the speed and greater flying range of an airplane. It is twice as fast as an ordinary helicopter, according to Boeing, and with a "much longer" range.
The Pentagon's award to Bell/Boeing hires the joint venture to perform required repairs on the U.S. Navy's fleet of Ospreys through September 2015. Specific payments will be made as task orders are requested.
The article Pentagon Awards Bell/Boeing $73 Million for V-22 Osprey Work originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.