AEROSPACE

GE, Pratt & Whitney to Work on New Engine: The vigorous rivals in the aircraft engine business would not say how much money they will contribute to develop the engine for Boeing Co.’s proposed 747-500X/600X jetliner. Typically, it costs $1 billion to $1.5 billion to design and produce an engine, as opposed to modifying an existing one. The 50-50 venture will allow General Electric Corp. unit GE Aircraft Engines and Pratt & Whitney, the East Hartford, Conn.-based unit of United Technologies Corp., to share costs of the project. The pact is the first of its kind for the companies. They have cooperated in research projects before but never formed a partnership to develop an engine. GE Aircraft is based in Evandale, Ohio.