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Boeing, Navy Ink New $2B Poseidon Deal

Boeing Logo w-borderBoeing (NYSE: BA) and the U.S. Navy have signed a $2.4 billion contract for the company to build 16 additional P-8A Poseidon planes, bringing the branch’s total fleet to 53 and moving the P-8A program from preliminary low-rate production to full production.

The maritime patrol plane is based on the 737-800 commercial aircraft and is built to carry out submarine warfare, surface security and ISR missions (intelligence, surveillance and reconnaissance), Boeing said Wednesday.

The company works with CFM International, Northrop Grumman (NYSE: NOC) Raytheon (NYSE: RTN), Spirit AeroSystems, BAE Systems and GE Aviation on an in-line production process to assemble the aircraft.

Capt. Scott Dillon leads the Navy P-8A program, which deployed a patrol squadron in December to Kadena, Japan.

Boeing says the Navy plans to purchase 117 total Poseidons tp replace the P-3 fleet.

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