Monday, September 21, 2020

Lockheed Martin wins $7.19 bln U.S. contract for 90 F-35 Lightning II jets

Lockheed Martin Corp (LMT.N) unit Lockheed Martin Aeronautics Co is being awarded a $7.19 billion contract for 90 F-35 Lightning II jets, the Pentagon said on Wednesday.

The contract is a modification to a previously awarded low-rate initial production contract, the Pentagon said in a statement.

This order includes 76 F-35A aircraft for the U.S. Air Force, Non-U.S. Department of Defense (DoD) participants and foreign military sales customers; 12 F-35B aircraft for the U.S. Marine Corps and non-U.S. DoD Participants and two F-35C aircraft for the U.S. Navy.

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“Once a final agreement on LRIP 10 is reached, the balance of the funding is provided. We appreciate the actions taken by the JPO to ensure delivery of F-35s,” a spokesman for Lockheed Martin Aeronautics said.

The F-35 is the Pentagon’s costliest arms program. The U.S. Defense Department expects to spend $391 billion to develop the plane and buy 2,443 of the supersonic, stealthy new warplanes, in the coming decades.

Lockheed, and its main partners including Northrop Grumman, Pratt & Whitney and BAE Systems, have been developing and building F-35s for the U.S. military and 10 allies.

fortune.com

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Executive Editor

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