UPDATE 1-Meggitt signs $750 mln contract with engine maker Pratt & Whitney [Reuters]
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Source: Reuters
UPDATE 1-Meggitt signs $750 mln contract with engine maker Pratt & Whitney | Reuters 2 Min Read (Adds details, background, analyst comment) Jan 21 (Reuters) - British engineering firm Meggitt Plc said on Monday it had signed a $750 million contract with Pratt & Whitney to continue supplying components for two of the U.S. firm’s engines. The 10-year contract is to supply advanced composite components for the F119 and F135 engines that power Lockheed Martin’s F-22 Raptor and F-35 Lightning II military aircraft. The deal comes after U.S. President Donald Trump pledged to raise the country’s defence spending budget to an all-time high. The United States accounts for 54 percent of Meggitt’s revenue. “We figure the value of $750 million over 10 years illustrates the increased significance of Meggitt as a supplier to P&W,” Jefferies analysts said in a note. In October last year, Meggitt warned investors that difficulties in its polymers and composites unit, which makes sophisticated engine p
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