Pentagon Launches Contest for New Long-Range Bomber

The Defense Department said on Thursday it had launched a contest to develop a new long-range bomber, which is expected to pit Northrop Grumman Corp. against a team led by Boeing Co. BA 0.00% and Lockheed Martin Corp. for a contract that analysts value up to $80 billion. A decision is expected next spring on who will build between 80 and 100 bombers that the Pentagon wants to peg at less than $550 million apiece and enter service in the middle of the next decade.

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