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Frank Kendall: Lockheed, DoD Closing in on New F-35 Contract

Frank Kendall

An agreement between Lockheed Martin (NYSE: LMT) and the Defense Department on the fifth batch of F-35 fighter jets is close to completion, Defense Undersecretary Frank Kendall told Reuters Wednesday.

Kendall, undersecretary for acquisition, technology and logistics, told Andrea Shalal-Esa he met with Lockheed President and Chief Operating Officer Marillyn Hewson to discuss several issues, including the F-35 program.

Hewson, who will elevate to CEO in January 2013, said earlier this month the program would be a top priority for her, according to the report.

Loren Thompson, a defense industry analyst, told Reuters the two sides may have agreed on a dollar amount nearly halfway between their original goals.

As of early October, Lockheed and the Pentagon were reportedly $100 million apart in negotiations.

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