Lockheed Picks GE for Engine Contract
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Lockheed Martin Corp. said it selected General Electric Co. to provide engines for an updated version of its Galaxy transport aircraft for the U.S. Air Force, a contract that could be valued at up to $2.6 billion. Lockheed expects to be awarded the engine upgrade work by the Air Force in the first quarter of 2001. General Electric beat out United Technologies Corp.’s Pratt & Whitney unit and Rolls-Royce for the contract, which calls for GE to supply 540 jet engines and spare parts over 10 years. Shares of Bethesda, Md.-based Lockheed closed up 44 cents at $28.81, while GE rose 50 cents to close at $53.38, both on the Big Board.
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