WASHINGTON (AP) -- Defense contractor Lockheed Martin Corp. and a unit of diversified conglomerate United Technologies Corp. will jointly compete for a contract to build helicopters to replace the aging presidential fleet.
The two companies said Monday they have signed a teaming agreement to compete jointly for the U.S. Navy's revived VXX Presidential Helicopter Program.
A predecessor program, called VH-71, was intended to provide 23 new presidential helicopters to replace the current fleet of 19 aging presidential helicopters. The Obama administration proposed eliminating the VH-71 program in response to substantial cost growth and schedule delays in the program.
A new program, called VXX, was proposed.
The two companies have submitted a document to the Navy detailing how they would design and manufacture the H-92 helicopter with integrated systems for the Marine One contract. Lockheed Martin is a leading rotary wing systems integrator and Sikorsky Aircraft offers its H-92 medium-lift helicopter.
The two companies also have signed a pact to explore business opportunities involving other Sikorsky programs.
Shares of Lockheed Martin, based in Bethesda, Md., rose 44 cents to $83.43 in morning trading, while shares of Sikorsky Aircraft, based in Stratford, Conn., fell 39 cents to $73.30.