Boeing and Textron's V-22 aircraft won approval from the Pentagon's weapons-buying oversight board yesterday to enter full production...

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Boeing

V-22 approved for production

Boeing and Textron’s V-22 aircraft won approval from the Pentagon’s weapons-buying oversight board yesterday to enter full production.

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That triggers a phase in the program that the companies say may be valued at as much as $20 billion over the next 10 to 15 years.

Textron and Boeing would build at least 458 aircraft for the U.S. Marine Corps, Air Force and Navy.

Production at Textron’s Bell Helicopter unit in Amarillo, Texas, and Boeing’s plant in Philadelphia would rise to 22 aircraft annually by 2009 and 48 by 2012, up from 16 this year.

Red Lion Hotels

7 hotel properties are being sold

Red Lion Hotels announced yesterday that it has completed sales of five hotel properties and has purchase agreements for two others and the Crescent Court commercial building in Spokane.

The aggregate proceeds for the seven hotel properties are estimated at $45 million. The price for the Crescent Court was not disclosed.

Red Lion owns, manages and franchises 60 Red Lion Hotels. The five completed hotel transactions include Red Lion properties in Boise, Idaho; Klamath Falls and Bend, Ore.; and Aberdeen and Spokane.

Nation / World

Gazprom

$13 billion deal struck for oil firm

Russia’s state gas monopoly Gazprom struck a deal yesterday to pay $13 billion for control of the private Sibneft oil company, consolidating the government’s grip over the strategic energy industry.

The biggest purchase in Russian corporate history will give President Vladimir Putin’s administration authority over about a third of the nation’s crude-oil output.

Gazprom signed the agreement yesterday with Sibneft’s owner, billionaire Roman Abramovich, believed to be among a handful of tycoons on good terms with the Kremlin.

Compiled from Seattle Times staff, Blooomberg News and The Associated Press