Boeing (NYSE:BA) just scored $1.6 billion in weapons sales to the Republic of Korea (South Korea).
In an emailed statement confirming an announcement from the ROK government, Boeing said it has been awarded a $1.6 billion contract to sell the ROK three dozen new AH-64E attack helicopters. In so doing, Boeing reportedly beat rival bids from Textron and Turkish Aerospace Industries. Reuters reports that a South Korean official told reporters "Apache's engine capability and weapons load, as well as the improved capability of target acquisition were given higher ratings."
The foreign military sales contract formalizing this sale has not yet been concluded. Nonetheless, the news appears to be helping Boeing avoid the worst of today's sell-off. As major market averages drop 1% to 2%, Boeing's holding at just a 0.4% loss -- down to $86.57 as of this writing.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.