General Electric (NYSE:GE) Secures $576 million Contract with U.S. Navy

General Electric's (NYSE:GE) "General Electric Aviation" has reportedly landed a contract with the U.S. Navy valued at $576 million.

The work will entail maintenance of engine components on F/A-18 and EA-18G aircraft, according to the Defense Department.

While General Electric Aviation is based in Lynn, Massachusetts, most of the work will be done in Jacksonville, Florida.

It is a 3-year contract expected to be fulfilled in 2013.

General Electric closed Friday at $18.43, losing $0.13, or 0.70 percent.