Pentagon Announces Budget Boon For Boeing (BA), Lockheed-Martin (LMT), Northrop Grumman (NOC)
January 07, 2010 4:32 PM
Today, Defense Secretary Robert Gates directed the Air Force to return three major programs, after they were proposed for cancellation by that branch. These programs include the C-130J upgrade program began by Boeing (NYSE: BA) and an internet-like radio developed by Lockheed Martin (NYSE: LMT). Northrup Grumman (NYSE: NOC) also saw projects restored, including an ongoing installation project to install upgraded Pratt & Whitney (NYSE: UTX) engines on the E-8 JSTARS manned surveillance aircraft.
The cuts were orginally proposed by the Air Force in an effort to satisfy an order to reduce the Pentagon's five-year plan by $24.2 billion. One particular program highlighted by Gates was the joint radio program being pursued by the Air Force, Navy, and a coalition of partners including Lockheed and Northrop Grumman.
