ORLANDO, Fla. (AP) -- Diversified manufacturer Honeywell International Inc. said Monday its latest engine will power the new Gulfstream G250 business jet under an agreement with a unit of General Dynamics Corp.
The total value of the agreement will be worth more than $4 billion over its lifetime, Honeywell said.
Honeywell will provide the HTF7250G engine, full propulsion system, plus the nacelle, fire and suppression capability and thrust reverser.
The G250 business jet is powered by two HTF7250G engines, and is capable of traveling 3,400 nautical miles.
Gulfstream is subsidiary of General Dynamics.
Shares of Morristown, N.J.-based Honeywell fell $1.71, or 4.5 percent, to $36.13 in morning trading. The stock earlier hit a new year low of $36.
General Dynamics shares lost $1.94, or 2.8 percent, to $66.26. Earlier, the stock set a new 52-week low of $66.05.