Boeing Wins $300 Million Contract for P-8 Parts

Boeing Co. has landed a nearly $300 million contract with the U.S. Navy for parts needed to build another dozen P-8 maritime surveillance aircraft.

The deal was announced by the Pentagon on Thursday and includes funding for so-called long-lead items to build and deliver 12 of the planes, including eight for the Navy and four for the government of Australia, according to the announcement.

The award comes as the Chicago-based aerospace giant is cutting costs from its defense segment in anticipation of a downturn in U.S. military spending. Defense accounted for $33 billion – more than a third — of the company’s overall 2013 revenue of almost $87 billion, according to its annual report.

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