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U.S. Buying F-35 Engines From Pratt & Whitney

Wed, 08/28/2013 - 10:07am
The Associated Press

WASHINGTON (AP) — United Technologies Corp. said Tuesday that its Pratt & Whitney unit will deliver 38 jet engines to the Defense Department for the F-35 Lightning II aircraft.

Besides the engines, Pratt & Whitney will also provide engineering support, spare parts and other services. Financial details of the agreement weren't disclosed, but the DOD did say that the engine prices range from 2.5 percent to about 10 percent cheaper than in previous contracts.

"Driving down cost is critical to the success of this program and we are working together — in each successive contract — to lower costs for the propulsion system," said Lt. Gen. Chris Bogdan, the F-35 program executive officer, in a statement.

Pratt & Whitney will begin delivering the engines in the fourth quarter of this year. The company has already delivered 107 engines.

Shares of Hartford, Conn.-based UTX slid $2.36, or over 2 percent, to close at $99.94.

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