On the first work-day of 2014, the Department of Defense awarded $671.3 million in funding through eight new defense contracts. General Electric (NYSE:GE) 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.
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