Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚀 Netflix soars after Q4 earnings. Catch the best Big Tech plays before they report.
Use free screener
Chinook helicopters could cost Germany twice as much as planned -Business Insider
Published Jan 19, 2023 03:46AM ET
Updated Jan 19, 2023 05:06AM ET
© Reuters. U.S. Army's Boeing CH-47F Chinook arrives ahead of the opening of the International Aerospace Exhibition ILA at Schoenefeld Airport in Berlin, Germany, June 21, 2022. REUTERS/Christian Mang
BERLIN (Reuters) - Germany's planned purchase of 60 Chinook heavy-lift helicopters manufactured by Boeing (NYSE:BA) to replace its ageing CH-53 fleet could cost twice as much as planned, Business Insider reported on Thursday, citing several government and industry sources.
Six billion euros ($6.47 billion) had been budgeted for the helicopters, but the U.S. Army has signalled to Germany that the desired equipment is cost-intensive as some components have not even been fully developed, the German news outlet said.
Expensive extra requests from Germany and inflation could raise the price to as much as 12 billion euros, the report said, adding that features such as aerial refuelling and special rotor blades were not yet available.
"We haven't yet received the letter of offer and acceptance from the U.S., so we cannot make any statement as to the price," a ministry spokesperson in Berlin said.
A Boeing spokesperson declined to comment on the prices, noting that this was a deal between governments and the company was a supplier to the U.S. Army.
Boeing is currently working on new rotor blades as part of the Chinook's Block II configuration but these developments had not been requested by Germany, the spokesperson said.
On aerial refuelling, the person added that this had been a feature of Chinook helicopters for 35 years.
A deal on the German purchase is expected to be signed this year and it would then take three years to deliver the aircraft, according to the company.
Germany's Chancellor Olaf Scholz shifted policy in February after Russia invaded Ukraine, sharply increasing defence spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.
More than 500 Chinooks are in use by the U.S. Army and forces in Europe.
($1 = 0.9270 euros)
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.