Pentagon Allows $1 Billion Boeing Helicopter Program To Advance

Posted on: Jul. 12th, 2006 || Source: money.aol.com | E-mail Article | Print Article

WASHINGTON -(Dow Jones)- The U.S. Defense Department has approved a $1.12 billion U.S. Army helicopter program, clearing the way for the Boeing Co. (BA) program to enter the next stage of development.

Chief Defense Department weapons buyer Ken Krieg on Monday signed off on the Apache Block III helicopter upgrade program, after a Defense Acquisition Board review. The Pentagon released Krieg's decision on Tuesday.

The $1.12 billion cost projection covers a five-aircraft system development and demonstration phase. This week's decision approves that stage and also designates the Apache Longbow helicopter upgrade as a top-tier weapons program, triggering certain cost reporting provisions.

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