Boeing (NYSE:BA) has picked its partner to build the engine on its upcoming newest long-haul passenger plane, the 777X. And the winner is General Electric (NYSE:GE).

On Friday, vice president and general manager for 777X Development at Boeing Commercial Airplanes Bob Feldman confirmed that GE offered "the best match to the development program, schedule, and airplane performance," and the best chance of building a plane " that will extend today's 777 efficiencies and reliability for the next two decades or longer."

No financial terms were revealed in Friday's announcement, and in any case, revenues will not begin flowing from this decision any time soon. The next-generation 777 isn't expected to enter service before the end of the decade. But Feldman says the company is "aggressively moving forward on our plan and will continue to refine requirements with customers."

Stay tuned for further developments.