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Boeing Awarded $359M for Long-Lead Poseidon Materials Procurement

boeing logoThe U.S. Navy has awarded Boeing (NYSE: BA) a $358.9 million contract modification to buy long-lead components for 29 P-8A Poseidon multimission maritime aircraft.

The Defense Department said Tuesday the materials are needed to accomplish work on nine full-rate production Lot II and 16 Lot III P-8As for the U.S. Navy and another four Lot III aircraft for the Australian air force.

Boeing will perform 71.5 percent of the work in Seattle and the rest at various sites in Maryland, New York, California, Illinois and the U.K.

DoD expects the company to finish the task by December 2018.

The Navy will obligate $219.4 million in fiscal 2015 aircraft procurement funds and $2.4 million in cooperative funds at the time of award.

The contracting activity is the Naval Air Systems Command at Patuxent River, Maryland.

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