This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXMPEB0E0CQ_M.jpg
The Army’s “Future Vertical Lift” competition is aimed at finding a replacement as the Army looks to retire more than 2,000 medium-class UH-60 Black Hawk utility helicopters built by Sikorsky since the 1970s.
The Army said the initial award was for $232 million but the total contract could be worth as much as $1.3 billion.
Textron beat out a team comprised of Lockheed Martin (NYSE:LMT)’s Sikorsky unit and Boeing (NYSE:BA) Co.
“The thoughtful and disciplined execution of the FLRAA (Future Long Range Assault Aircraft) program strategy will deliver the transformational capabilities we need to support the Joint force, strengthen deterrence and win in multi-domain operations,” said Doug Bush, assistant secretary of the army for acquisition, logistics, and technology.
Textron’s shares rose about 8.5% in trading after the bell on the news.
