Boeing (NYSE: BA ) is going to Canada.
On Thursday, the Canadian Department of National Defence announced that is has officially taken possession of the first of 15 Boeing CH-147F Chinook helicopters on order from Boeing, a model "designed especially for Canada's demanding operational and environmental requirements," according to the country's Associate Minister of Defence Kerry-Lynne D. Findlay.
As Findlay explains, Boeing modified its basic CH-47 helicopter to meet Canadian requirements for an advanced, multi-mission, medium- to heavy-lift helicopter equipped with long-range fuel tanks that allow it to fly twice as far as previous models, a state-of-the-art electrical system, advanced radar and laser warning systems, three defensive machine guns, and a laser-based active missile counter-measure system to defeat anti-aircraft missiles.
Canada estimates the total cost of the 15 Canadian-variant Chinooks at $4.8 billion, including $2.2 billion spent on the helos themselves, and an additional $2.6 billion to pay for a 20-year in-service support program. Canada noted that Boeing is expected to deliver all 15 helos on time and on budget.