Lockheed Martin Owego celebrates $1.2B contract

By Julianne Peixoto

July 3, 2014 Updated Jul 3, 2014 at 3:34 PM EDT

Owego, NY (WBNG Binghamton) Senator Charles Schumer was in Owego Wednesday to celebrate a $1.28 billion contract with Lockheed Martin employees.

Last week, the United States Air Force awarded Lockheed Martin and Sikorsky Aircraft the contract to create 112 new rescue combat helicopters.

This will create 100 new jobs, and stabilize at least 100 more.

"It pumps money into the economy which helps the restaurants and the stores and everything else," said Schumer. "So it's hundreds and hundreds of jobs, and in the Southern Tier that's issue number one: jobs."

The new CRH fleet will replace the existing fleet, which has been in use for more than 30 years.

"This helicopter will rescue men and women from the front lines," said Congressman Richard Hanna. "That is the vast portion of its mission, so it's critical work and it deserves to be done."

The current $1.2 billion contract is the first phase of funding for a contract that could reach up to $8 billion in the coming years.

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