Thursday, September 23, 2010

DTN News: Lockheed, DoD Shake On Purchase Of 32 F-35s

DTN News: Lockheed, DoD Shake On Purchase Of 32 F-35s
Source: DTN News / Defense News
(NSI News Source Info) WASHINGTON - September 23, 2010: Lockheed Martin and Pentagon officials confirmed Sept. 22 that the company has reached an agreement with the Pentagon on the highly anticipated buy of 32 F-35 Joint Strike Fighters, known as the low rate initial production lot 4 (LRIP-4). A Lockheed spokesman confirmed that negotiations for the F-35s are over and that on Sept. 21, the two organizations reached an agreement for the 32 jets, their production tooling and sustainment. (SENIOR AIRMAN JULIANNE SHOWALTER / U.S. AIR FORCE) The contract is expected to be valued at more than $5 billion, said Lockheed spokesman John Kent. While the deal has not been formally signed, Kent confirmed that negotiations for the planes are over and that on Sept. 21, the two organizations reached an agreement for the 32 jets, their production tooling and sustainment. "The negotiated price is below the independent cost estimate prepared earlier this year and reflects the contract type deemed most efficient by the Department," a Pentagon statement said. "The Department believes this contract is a fair and reasonable basis for LRIP-4 and sets the appropriate foundation for future production lots." Officials from both organizations have said that the 32 jets will cost as much as 20 percent less than the DoD's December prediction that the planes would cost roughly $76 million each in 2010 dollars over the program's lifetime. The fixed-priced LRIP-4 deal is seen as critical to Lockheed's ability to deliver the jets on time and on budget. Since early summer, Lockheed officials have indicated that the deal has been close to signing. Last week, Tom Burbage, the company's vice president of F-35 operations, blamed the delays on tough bargaining stances by both sides over the cost of the jets.

DTN News: Boeing, Cathay Pacific Airways Finalize Contract For Six 777-300ERs

DTN News: Boeing, Cathay Pacific Airways Finalize Contract For Six 777-300ERs
Source: DTN News / Boeing
(NSI News Source Info) SEATTLE, - September 23, 2010: Boeing (NYSE: BA) and Cathay Pacific Airways today announced the Hong Kong-based carrier has exercised existing purchase rights for six additional Boeing 777-300ERs (extended range). The six new airplanes, with an estimated value of US$1.6 billion at Boeing list prices, will increase Cathay Pacific's 777-300ER future fleet from 30 to 36. Cathay Pacific, one of the world's largest operators of the popular jetliner, also operates 12 Boeing 777-300s and five 777-200s. "Cathay Pacific is a valued long-time Boeing customer. The global reach of Cathay Pacific's 777 fleet showcases the airplane's exceptional performance features and its passenger appeal around the world," said Marlin Dailey, vice president of Sales for Boeing Commercial Airplanes. "This additional commitment from a world-class operator like Cathay Pacific is a testament to the greater efficiency, economics and reliability of the 777-300ER." Cathay Pacific first announced its selection of the 777-300ER in 2005. This announcement is Cathay Pacific's fourth increase in its acquisition plans for the long-range jetliner. "We are very pleased to confirm this purchase of six more Boeing 777-300ERs – a superb aircraft that already has significantly enhanced our operations on key long-haul routes," said Cathay Pacific Chief Executive Tony Tyler. "We have been very impressed by the operating economics of these aircraft, while their high efficiency has resulted in a reduced environmental impact. As we continue to enhance our fleet, the 777-300ER will play a crucial role in our operations in the years to come." The Boeing 777 is the world's most successful twin-engine, long-haul airplane. The 777-300ER extends the 777 family's span of capabilities, bringing twin-engine efficiency and reliability to the long-range market. Boeing incorporated several performance enhancements for the 777-300ER, extending its range and payload capabilities. Excellent performance during flight testing, combined with engine efficiency improvements and design changes that reduce drag and airplane weight, contributed to the increased capability. In addition to Boeing 777s, Cathay Pacific operates 47 747-400s in both passenger and cargo versions. The airline also has ordered 10 Boeing 747-8 Freighters. The highly efficient new cargo airplane will augment the airline's fleet of 25 747 Freighters used to connect Hong Kong to a wide range of international markets. Sixty-one customers around the world have ordered more than 1,100 777s. Contact: Linda Lee International Communications, Boeing Commercial Airplanes +1 206-766-2905 Linda.a.lee@boeing.com Wang Yukui Boeing China +86 10 5925 5588 yukui.wang@boeing.com Photo and caption are available here: http://boeing.mediaroom.com/