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June 26, 2014
17:21 EDTUTXUnited Technologies subsidiary awarded Air Force contract
Sikorsky Aircraft, a subsidiary of United Technologies, has been awarded a U.S. Air Force contract to develop new combat search and rescue helicopters. Sikorsky will develop a derivative of the UH-60M BLACK HAWK model for the Air Force's rescue mission. The award of an estimated $1.28B Engineering & Manufacturing Development contract includes development and integration of the rescue mission systems; delivery of four Combat Rescue Helicopters; as well as seven aircrew and maintainer training systems. Initial training of Air Force aircrew and maintainers and five Combat Rescue Helicopters are also expected to be delivered by 2020, once additional aircraft and training options are exercised. This contract is the first step in the eventual production and fielding of up to 112 aircraft with a potential value of approximately $7.9B. Eventual production quantities would be determined year-by-year over the life of the program, based on funding allocations set by Congress and the U.S. Department of Defense acquisition priorities.
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November 25, 2015
17:43 EDTUTXPratt & Whitney awarded $214.6M government contract modification
United Technologies, Pratt & Whitney, Military Engines, is being awarded a $214.6M modification to a previously awarded fixed-price-incentive-firm, cost-plus-incentive-fee contract for Low Rate Initial Production, or LRIP, Lot 10 annualized sustainment in support of the F-35 Joint Strike Fighter aircraft for the U.S Navy, U.S Air Force, U.S. Marine Corps, Non -U.S. Department of Defense (DoD) participants and foreign military sales customers. This effort includes support services for LRIP 10 propulsion systems as well as hardware and training course material and equipment. Work is expected to be completed in April 2019. FY16 aircraft procurement funds; FY16 operations and maintenance funds; non-U.S. DoD participants and foreign military sales funds in the amount of $214.6M are being obligated on this award, none of which will expire at the end of the current fiscal year. This contract combines purchases for the U.S. Air Force; U.S. Marine Corps; the U.S. Navy; international partners; and foreign military sales customers under the Foreign Military Sales program. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.
November 23, 2015
12:26 EDTUTXCredit Suisse removes General Electric from focus list after recent run-up
Shares of global industrial giant General Electric (GE) are lower in afternoon trading after Credit Suisse's Investment Policy Committee removed the company's shares from the U.S. Focus List. WHAT'S NEW: In a note to investors this morning, Credit Suisse analyst Julian Mitchel and team noted that the firm's Investment Policy Committee removed GE shares from the U.S. focus list after the recent upward move in shares. The firm, which added GE shares to its Focus List on September 16, said the catalysts that it highlighted at that time are now largely reflected in the share price. WHAT'S NOTABLE: Although it removed GE from its U.S. and Global Focus lists, Credit Suisse maintained its Overweight rating on shares and increased its price target to $34 from $31. The firm sees GE as just starting to accelerate measures to drive up its gross margins, whereas its sector peers have already been splitting, spinning off or selling assets to enhance their profit margins higher for years. With GE selling most of its capital intensive and low-to-no growth Capital business while redirecting capital to higher growth and higher margin industrial business, Credit Suisse said shares deserve a higher premium than its peers Honeywell (HON) and United Technologies (UTX). PRICE ACTION: Shares of General Electric are down 0.65% to $30.46 in midday trading.
November 16, 2015
06:32 EDTUTXUnited Technologies reinstated with a Neutral at Credit Suisse
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