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General Electric Wins $572.5 Million Defense Contract

By Rich Smith - Jan 2, 2014 at 7:34PM

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GE will maintain engine components for Navy warbirds.

On the first work-day of 2014, the Department of Defense awarded $671.3 million in funding through eight new defense contracts. General Electric (GE 1.30%) captured 85% of these funds in the form of a single contract -- the largest one awarded Thursday by a large margin.

Over the course of the next three years, GE will repair and replace components of, and provide "program support" for, 17 of its F414 afterburning turbofan engines, which are used to power Navy F/A-18E and -F fighter jets, and EA-18G electronic warfare aircraft. This contract is worth $572.5 million to GE, and will run through Dec. 31, 2016.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of General Electric Company. 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.

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