Australia Pays $3.6B For 8 Boeing Poseidon Spy Planes

Law360, New York (February 21, 2014, 4:44 PM EST) -- Australia's defense ministry on Friday approved the AU$4 billion ($3.6 billion) acquisition of eight P-8A Poseidon maritime spy planes from The Boeing Co. in order to watch over its shipping lanes.

The money will pay for the aircraft and their attendant support facilities. The Poseidons will replace the Australian Air Force's Lockheed AP-3C Orions, aging propeller planes that have been through four decades of service and upgrades. Australia will supplement the Poseidons with unmanned aerial vehicles.

"The P-8A is a potent and highly versatile aircraft," the...
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