Historic highs for defense stocks across the board: $110B deal
Historic highs for defense stocks across the board: $110B deal
Boeing signs defense, commercial deals with Saudi Arabia
23 May, 2017, 01:59
President Donald Trump and Saudi Arabian King Salman bin Abdulaziz Al Saud witnessed the signing of the MoU between executives of Raytheon and Saudi Arabia Military Industries Company at a ceremony held Saturday.
Boeing Company (NYSE:BA) up $185.07 early trading day, with news of their investments of Chinook Helicopters and P-8 Surveillance aircraft, as well as U.S. Aerospace & Defense ETF, iShares Trust (NYSE: ITA) which is up to $156.10 during market day opening.
Boeing also will establish a joint venture with Saudi Arabia to provide "sustainment services for a wide range of military platforms", the statement said, including non-Boeing supplied equipment. The joint venture will provide support for both military and commercial helicopters.
Lockheed Martin has secured a major contract with the Kingdom of Saudi Arabia. Saudi Arabia is seeking closer defense and commercial ties with the United States under Trump, as it seeks to develop its economy beyond oil. The program supports work for more than 450 U.S.jobs including in CT at Sikorsky and throughout the U.
The weapons systems include the THAAD ballistic missile defense system, the anti-aircraft missile Patriot, 150 utility Blackhawk helicopters, and other systems and logistical support.
The full value of all the deals or the number of aircraft that the kingdom intends to purchase was not released in the prepared statement that announced the deals.
"These announcements reaffirm our commitment to the economic growth, prosperity and national security of both Saudi Arabia and the United States, helping to create or sustain thousands of jobs in our two countries", said Boeing Chairman, President and CEO Dennis Muilenburg, who also participated in the Saudi-U.S. CEO Forum. We welcome the opportunity to continue that support.
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