Boeing bows out of multibillion-dollar Minuteman III replacement competition

WASHINGTON (Reuters) – Boeing Co (N:) has decided it will not compete as a prime contractor to replace the Pentagon’s aging U.S.-based Minuteman III missile system, paving the way for Northrop Grumman Corp (N:) to win a contract worth tens of billions of dollars.

Friday marked the deadline to submit proposals to continue work on the replacement of the nearly half-century-old intercontinental ballistic missile (ICBM) system as the military embarks on a costly modernization of its aging atomic weapons.

Boeing said in a statement that it was disappointed it was unable to submit a bid.

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