Boeing to Bid on Presidential Helicopter - TheStreet

Boeing to Bid on Presidential Helicopter

Boeing is expected Monday to announce it plans to enter the bidding to build a fleet of presidential helicopters, reports say.
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SEATTLE (

TheStreet

) --

Boeing

(BA) - Get Report

is expected Monday to announce it plans to enter the bidding to build a fleet of presidential helicopters, the

New York Times

reports.

Boeing will buy the rights to build a mid-size helicopter from

AgustaWestland

, a European company, according to Philip J. Dunford, vice president and general manager of Boeing Rotorcraft Systems, the

Times

reports. AgustaWestland previously teamed with

Lockheed Martin

(LMT) - Get Report

for the project, which the Pentagon canceled in June 2009, citing cost overruns, according to the newspaper.

By building the helicopters itself, Boeing hopes to avoid some of the problems that hampered the previous contractors.

The

Times

also says there are signs that the Pentagon might ease some of the arduous requirements that caused the projected cost to double, to $13 billion for just 28 helicopters.

Meanwhile,

Dow Jones Newswires

reports Boeing and

Finmeccanica

will issue a statement at midday Monday, a person familiar with the situation said without elaborating. Finmeccanica owns AgustaWestland.

-- Written by Joseph Woelfel in New York.

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