Boeing-Textron V-22 Is Said to Lose $1.75 Billion in Pentagon Budget Cut

The Pentagon will eliminate 24 V-22 Osprey aircraft built by Boeing Co. and Textron Inc. from its five-year budget plan, saving $1.75 billion through 2017, according to two U.S. officials.

The planned reduction to 98 planes from 122 will be reflected in a final, multi-year contract that’s under negotiation between the Navy and companies, according to one of the officials, who spoke on condition of anonymity because the decision hasn’t been announced.

The V-22 is a fixed-wing plane with rotors that tilt so it can take off and land like a helicopter.

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