U.S. Military awards contract to Bell for next-generation helicopter By Reuters

WASHINGTON (Reuters) – The U.S. Military on Monday awarded the contract for its next-generation helicopter to Textron Inc (NYSE:)’s Bell unit, ending a years-long competitors for the know-how that can exchange the Black Hawk utility helicopter.

The Military’s “Future Vertical Raise” competitors is geared toward discovering a alternative because the Military seems to be to retire greater than 2,000 medium-class UH-60 Black Hawk utility helicopters constructed by Sikorsky because the Nineteen Seventies.

The Military mentioned the preliminary award was for $232 million however the whole contract could possibly be price as a lot as $1.3 billion.

Textron beat out a group comprised of Lockheed Martin (NYSE:)’s Sikorsky unit and Boeing (NYSE:) Co.

“The considerate and disciplined execution of the FLRAA (Future Lengthy Vary Assault Plane) program technique will ship the transformational capabilities we have to assist the Joint drive, strengthen deterrence and win in multi-domain operations,” mentioned Doug Bush, assistant secretary of the military for acquisition, logistics, and know-how.

Textron’s shares rose about 8.5% in buying and selling after the bell on the information.