Pratt & Whitney gets $194M jet-engine contract

January 10, 2012

EAST HARTFORD, Conn. (AP) -- Pratt & Whitney said Tuesday it won a $194 million Defense Department contract to make engines for the F-35 stealth fighter jet.

The company, a unit of United Technologies Corp., said the contract will allow it buy raw materials and begin production of engine parts to meet the production schedule for the jet.

The low-rate initial production contract covers materials for a sixth lot of 37 engines. Some will be designed for U.S. Air Force versions of the jet and will make conventional takeoff and landings, others will be used by the Navy for planes on aircraft carriers, and some will make vertical, helicopter-like takeoffs and landings for the Marine Corps.

The contract also covers four engines for Italy's air force and two for the Australian air force.

United Technologies shares rose $1.93, or 2 percent, to close at $76.03.