Pratt & Whitney Finalizes $1 Billion F-35 Jet Engine Deal
May 28, 2013
Pratt & Whitney, a unit of United Technologies Corp (UTX.N), on Tuesday said it finalized a $1 billion deal with the Pentagon for a fifth batch of engines for the single-engine Lockheed Martin Corp (LMT.N) F-35 fighter jet.
The contract covers 35 engines, including 32 to be installed in F-35 warplanes, and three spares, said Pratt spokesman Matthew Bates.
The company reached an initial agreement with the Pentagon on the fifth engine contract in early February.
Chris Flynn, who heads Pratt's F135 and F119 engine programs, said the company continued to work with the U.S. Defense Department to drive down engine costs and accelerate the contracting cycle for future production agreements.