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NAVY AWARDS NEW V-22 DEVELOPMENT CONTRACT TO BELL-BOEING TILTROTOR TEAM

NAVY AWARDS NEW V-22 DEVELOPMENT CONTRACT TO BELL-BOEING TILTROTOR TEAM
 PROVIDENCE, R.I., Oct. 22 /PRNewswire/ -- Bell Helicopter Textron and Boeing Helicopters have received a letter contract, providing initial funding in the amount of $550 million, for the next phase of development of the V-22 tiltrotor aircraft. The cost-type contract announced today was awarded to the Bell Boeing Joint Program Office by the Naval Air Systems Command of the U.S. Navy.
 The amount of the total contract is expected to be in excess of $2 billion.
 James F. Hardymon, president and chief executive officer of Textron, Inc. (NYSE: TXT), said, "We are pleased that the Bell Boeing tiltrotor team has received this contract to demonstrate a V-22 aircraft that meets the need for an affordable tiltrotor aircraft without compromising the capabilities of the V-22. In addition, substantially all of the work under the existing fixed-price development contract ceases."
 Under the terms of the new contract, Bell Boeing will build four production representative V-22 aircraft designed to meet the requirements of the U.S. Marine Corps' medium lift replacement (MLR) aircraft. Two existing V-22 aircraft built during the first phase of the development program will be modified for early evaluation of proposed changes for the MLR aircraft. The contract calls for full qualification of the V-22 aircraft.
 This latest phase of the development program is scheduled to conclude in 1998 with the completion of operational evaluations. The six aircraft built or modified under the contract will undergo the majority of flight testing at the Navy's Patuxent River Flight Test Center in Maryland.
 "The V-22 Osprey remains the best solution to the Marine Corps' requirement for a versatile and combat-capable aircraft to carry troops and cargo safely into battle, and has the potential to perform similar missions for every branch of the armed forces," Hardymon said. He added that the Navy contract is "another important step forward in the development of tiltroter technology."
 "Building the V-22 Osprey will help America's armed forces protect our national security and contribute to the continued superiority of the American aerospace industry," Hardymon said.
 Textron Inc. is a multi-industry company with operations focused in three business sectors -- aerospace technology, commercial products and financial services.
 -0- 10/22/92
 /CONTACT: Raymond W. Caine, Jr., Textron vice president, corporate communications, 401-421-2800/ CO: Textron Inc. ST: Rhode Island IN: ARO SU: CON


CH -- NE011 -- 3864 10/22/92 17:09 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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