Lockheed Wins $95M for Navy F-35 Production

Lockheed Martin Corp. (NYSE: LMT) won nearly $95 million in U.S. Navy contract modifications for additional F-35 production work, the Defense Department announced Monday.

The first award, a $56, 329, 396 cost reimbursement modification, covers sustainment efforts to meet the requirements and delivery schedule for lot five of low rate initial production.

The Pentagon said $18, 707, 400 of those funds will expire at the end of the current fiscal year.

Sixty-percent majority of work will occur at Eglin Air Force Base, Fla. with an expected completion date of May 2012.

The second award, a $38, 599, 999 modification, covers the acquisition of long lead materials for lot six of conventional takeoff and landing F-35 Joint Strike Fighters.

The governments of Australia and Italy will receive those jets under a foreign military sales agreement.

Work will occur in Fort Worth, Texas and the Pentagon expects this delivery to complete in January 2015.

The Naval Air Systems Command in Patuxent River, Md., is the contracting activity.

Lockheed is the prime contractor for the Joint Strike Fighter and won $738 million in December for low rate initial production of lots four and five of the F-35.

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