Pratt & Whitney, a unit of United Technologies Corp, said its contracts with the Pentagon for the next two batches of engines for the Lockheed Martin Corp F-35 fighter jet will result in combined cost savings of 7 percent to 8 percent.Bennett Croswell, president of Pratt's military engines division, told reporters the company had already more than halved the cost of its F-35 engine, and the savings from the next two contracts - for the seventh and eighth batches of engines - would come on top of that.Croswell, speaking at the annual Air Force Association conference, said Pratt had essentially reached agreement with the Pentagon on the next low-rate production contracts, which will be worth over $1 billion.He said Pratt expected that by the end of the month it would be able to validate the root cause of an engine failure that grounded the entire F-35 fleet for several weeks this summer.
Lockheed Martin Corporation is a global security and aerospace company engaged in the research, design, development, manufacture, integration, and sustainment of technology systems and products. Shares of LMT traded higher by 0.67% or $1.17/share to $175.60. In the past year, the shares have traded as low as $121.52 and as high as $177.19. On average, 1196610 shares of LMT exchange hands on a given day and today's volume is recorded at 678526.
United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 0.03% or $-0.03/share to $108.32. In the past year, the shares have traded as low as $102.21 and as high as $120.66. On average, 3832510 shares of UTX exchange hands on a given day and today's volume is recorded at 2514980.
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