GE Engine "Miscast," Will Seek Government Funding Restoration (GE, UTX)

General Electric GE CEO Jeffrey Immelt stated today in a memo to employees that the company plans to pursue restoration of U.S. government funding for its alternate Joint Strike Fighter engine. Last week, the U.S. House of Representatives voted to stop the $450 million in fiscal 2011 funding for General Electric's engine, developed through a joint venture with Rolls-Royce Group Plc, as an alternate to United Technologies' UTX engine. GE has developed 80% of its engine over the past 15 years, according to Bloomberg.