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On Friday, the U.S. Department of Defense announced it has awarded the joint project office of Textron's (NYSE: TXT ) Bell Helicopter division and Boeing (NYSE: BA ) a $1.4 billion contract modification to a previously awarded contract to build V-22 Osprey Tiltrotor aircraft for the Marine Corps and Air Force.
The award concerns some 17 Marine MV-22 Ospreys and four CV-22 Ospreys for the Air Force, both part of the 17th lot of aircraft to be ordered, in fiscal 2013. In addition, the Pentagon clarified, this contract modification "provides funding for long lead components required for the manufacture and delivery" of 19 Marine Ospreys and three Air Force Ospreys as part of Lot 18 in fiscal 2014.
Work under the contract is expected to be completed in September 2016.
Boeing shares dropped ahead of the DoD announcement, falling 1.5% to close at $74.69. Textron shares closed down 0.7% at $24.12.