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Friday, 6 May 2011

GE and Rolls in funds offer on F-35

The Financial Times
May 6, 2011

General Electric and Rolls-Royce have offered to pay for part of the development costs of their alternate engine for the F-35 combat jet in a last-ditch effort to save the programme after the Pentagon moved to shut it down in March.

The commitment could cost more than $100m but may bolster flagging political support for the project and give the pair a chance to finish their engine and compete against Pratt & Whitney, maker of the main engine, in a multi-billion dollar market.

“We believe so strongly in our engine and the need for competition in defence procurement that we have committed to self-fund F136 development costs,” Jeff Immelt, chief executive of GE, said.
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