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August 29, 2013

Pratt & Whitney nears $1B jet engine deal

Pratt & Whitney and the U.S. Department of Defense have reached an in-principle agreement over a contract to build 38 jet engines for the F-35 Lightning II fighter planes, a deal expected to benefit the defense contractor’s plant in North Berwick.

Foster’s Daily Democrat reported the final terms of the deal, which is valued at more than $1 billion, are to be set in the coming months. The deal follows a contract won in July by Lockheed Martin Corp., which builds the F-35 jets. Pratt & Whitney is the sole provider of radar-evading engines for that fighter jet.

The latest contract would be Pratt & Whitney’s sixth batch of engines, which the company said it will be able to produce at a cost 2.5% lower than its previous batch of 35 engines. In 2012, the North Berwick plant produced 46 engines for the F-35 and is on pace to build 50 this year, according to the Bangor Daily News.

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