Boeing Nears Major Canadian Contract For P-8 Poseidon Aircraft: Report

Canada is reportedly on the brink of finalizing a multi-billion dollar contract with Boeing Company BA for the P-8 Poseidon maritime patrol aircraft.

This move aims to modernize the Canadian military's surveillance capabilities, replacing the aging CP-140 Aurora fleet, reported Reuters.

The highly anticipated announcement, if made, will mark the end of prolonged speculation and a challenge from Canadian private plane manufacturer Bombardier Inc BDRBF, which had advocated for an open competition to allow its large-cabin Global business jets to be considered, as per the report. 

The report further noted that the draft agreement between the governments of Canada and the U.S. for the sale of the Poseidon aircraft is set to expire on Thursday.

Canada has been eyeing the acquisition of 16 P-8A Poseidons, as the government highlighted Boeing's aircraft as the only one that currently fulfills all its operational requirements.

Also Read: Boeing Bags $2.3B From US Air Force For Additional KC-46A Tankers

Price Action: BA shares are trading higher by 0.21% at $224.90 in premarket on the last check Thursday.

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