Reply #51: It's Your Money: GE lands $2.4B fighter-jet engine pact [View All]

[UpInArms]

http://www.businessweek.com/ap/financialnews/D8C5FTI80.htm?campaign_id=apn_home_down&chan=db

AUG. 23 6:47 A.M. ET General Electric Co. has won a $2.4 billion contract to develop an engine for the military's next-generation stealth jet fighter.

The contract is the largest military developmental contract in about 20 years for Fairfield, Conn.-based GE's jet-engine division, GE Aircraft Engines, which is based in this Cincinnati suburb and employs about 6,800.

GE was named the majority partner in a 60-40 joint venture with British engine-maker Rolls-Royce. The deal was announced late Monday by the Department of Defense under a Navy program that is administering development of the Lockheed Martin F-35, known as the Joint Strike Fighter.

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GE Aircraft Engines is expected to earn $13.3 billion in revenue this year, with about $3.8 billion, or 28.6 percent, coming from military contracts.

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