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Lockheed, Pentagon Close $8B in F-35 Contracts; Lorraine Martin Comments

F35Lockheed Martin (NYSE: LMT) and the Defense Department have closed on two new contracts worth $7.8 billion for the sixth and seventh batches of F-35 aircraft, Reuters reported Friday.

Andrea Shalal-Esa writes the company received a $4.4 billion order for 36 F-35s and another $3.4 billion order for 35 F-35s.

DoD told Reuters each of the conventional takeoff variants under lot seven would cost $98 million, $5 million less than its price under lot six.

“Working together with the Joint Program Office, our entire industrial team is focused on delivering the F-35’s fifth-generation capabilities to our armed forces and partner nations at a fourth-generation price point, ” said Lorraine Martin, Lockheed Martin F-35 vice president and general manager.

The agency also purchased F-35 engines from United Technologies Corp. (NYSE: UTX) subsidiary Pratt & Whitney.

Reuters reports the Pentagon expects to spend $392 billion on 2, 443 f-35s that are intended to replace the Air Force, Navy and Marine Corps fleets of combat jets.

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