RTX Corp.'s (NYSE: RTX) business segment, Pratt & Whitney, recently clinched a modification contract for the F-35 fighter jet's propulsion system. The award has been offered by the Naval Air Systems Command, Patuxent River, MD.
Details of the Deal
Valued at $111.9 million, the contract is projected to be completed by December 2026. Per the terms of the deal, RTX will offer continued technical engineering, flight test support, special tooling, test equipment repair, as well as flight test spare and repair parts for the F-35 Lightning II Propulsion System Block Four Flight Test Program.
The contract will serve the U.S. Navy, Marine Corps, Air Force and F-35 Cooperative Program Partners. Work related to this deal will be carried out in East Hartford, CT; Edwards Air Force Base, CA; and Patuxent River, MD.
What's Favoring RTX Stock?
As countries ramp up their defense purchases to strengthen their aerial combat readiness, the demand for fighter jets has surged over the past decade. Consequently, the demand for jet engines, particularly those powering advanced fighter jets, is also gaining traction.
The F-35 fighter jet, built by the United States' largest defense contractor, Lockheed Martin (NYSE: LMT), plays a key role in many nations' air ...
