Pentagon to Cancel Comanche Helicopter
Mon February 23, 2004 03:17 PM ET
By Will Dunham and Chelsea Emery
WASHINGTON (Reuters) - The Defense Department is scrapping the $38 billion RAH-66 Comanche helicopter program being developed by Boeing Co. and United Technologies Corp., government sources said on Monday.
The Pentagon plans to announce the decision on the armed reconnaissance and light attack helicopter, which has been in development for about two decades, at a news conference at 4:30 p.m., the sources said.
The Pentagon has already spent about $8 billion on the project and had planned to spend $30 billion more. The cancellation, which could mean jobs cuts at Boeing and United Tech's Sikorsky Aircraft unit, follows the scrapping of another long-range firepower Army weapons system, the Crusader artillery gun, in 2002.
Shares of United Technologies were down 3 percent in afternoon trading, while Boeing shares slipped 1.5 percent.
Rest of the news
Mon February 23, 2004 03:17 PM ET
By Will Dunham and Chelsea Emery
WASHINGTON (Reuters) - The Defense Department is scrapping the $38 billion RAH-66 Comanche helicopter program being developed by Boeing Co. and United Technologies Corp., government sources said on Monday.
The Pentagon plans to announce the decision on the armed reconnaissance and light attack helicopter, which has been in development for about two decades, at a news conference at 4:30 p.m., the sources said.
The Pentagon has already spent about $8 billion on the project and had planned to spend $30 billion more. The cancellation, which could mean jobs cuts at Boeing and United Tech's Sikorsky Aircraft unit, follows the scrapping of another long-range firepower Army weapons system, the Crusader artillery gun, in 2002.
Shares of United Technologies were down 3 percent in afternoon trading, while Boeing shares slipped 1.5 percent.
Rest of the news