Honeywell Gets Gulfstream Aerospace Pact Valued at $1 Billion - TheStreet

Honeywell International

(HON) - Get Report

signed an agreement to serve as the primary avionics supplier for

Gulfstream Aerospace

in a deal valued at more than $1 billion over 10 years.

The agreement includes the Primus Epic avionics system and covers all models of Gulfstream business aviation aircraft.

Honeywell also said it received a contract to supply the main engines and avionics for

Raytheon Aircraft

's new Hawker 450 light mid-size business jet. The contract is valued at $1 billion over the first 10 years of the agreement.

Honeywell's aerospace business had sales of about $9.9 billion for the year ended Dec. 31. Honeywell's sales totaled about $23.7 billion.

Separately, Gulfstream Aerospace, a unit of

General Dynamics

(GD) - Get Report

, said it launched its next-generation jet, the Gulfstream V-SP. Gulfstream received an order from

Executive Jet

for 20 of the jets. Including long-term maintenance, the deal is worth more than $800 million.