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Boeing Lands $1.6 Billion S. Korean Helicopter Deal

By Rich Smith - Apr 17, 2013 at 12:56PM

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Will sell the ROK 36 new attack helicopters.

Boeing (BA 3.52%) 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.

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