Boeing snags $1B Mexico satellite contract

By Dow Jones Newswires
Posted Dec. 20, 2010 at 12:42 p.m.

Boeing Co.  said it won a contract valued at about $1 billion to build a communication-satellite system for Mexico’s government that will be used for  national-security and civil-communications needs.

The system will consist of three satellites, two ground sites and related network operations systems and other equipment.

Craig Cooning, chief executive of Boeing’s international satellites business, said it is the fourth generation of satellites Boeing has provided to Mexico. The first of the new satellites is projected to be ready for launch in two years.

The news comes as the aerospace giant announced plans Monday to again boost production of its 777 aircraft, the latest sign of increasing demand in the airplane sector. But that comes as Boeing’s defense business has remained under pressure.

Shares were down 2.8 percent,  at $63.21, in recent trading after a report that quoted Qatar Airways’ chief executive saying the airline could cancel 787 Dreamliner orders if delays continue.

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