United Technologies' Sikorsky wins $1.24B presidential helicopter deal

|About: United Technologies Corpora... (UTX)|By:, SA News Editor

United Technologies' (UTX) Sikorsky Aircraft unit wins an initial $1.24B Pentagon contract for six new U.S. presidential helicopters, the first step toward a fleet of 21 new aircraft by 2023.

Sikorsky is awarded a fixed-price incentive type contract, which sets a ceiling while rewarding a contract for keeping costs less than targets; an earlier program managed by Lockheed Martin was canceled in 2009 after what started as a $6.1B project for as many as 28 copters grew to a projected $13B.

GE will supply engines for the Marine One, a modified version of Sikorsky’s S-92 helicopter.