Textron, Boeing Get V-22 OK, Officials Say

From Bloomberg News

Textron Inc. and Boeing Co.'s V-22 tilt-rotor aircraft won approval from the Pentagon’s weapons-buying oversight board to enter full production, according to three defense officials.

The decision triggers a phase in the program that the companies say may be valued at as much as $20 billion during the next 10 years to 15 years. The Pentagon plans to issue a formal statement on the decision by its Defense Acquisition Board, the officials said.

The companies have worked for five years to fix technical problems after crashes in April and December of 2000 killed 23 Marines and threatened the program with cancellation.