Reuters: USAF, Lockheed Strike Verbal C-130J Production Deal

AC130JLockheed Martin (NYSE: LMT) and the U.S. Air Force have a verbal agreement in place on a five-year production contract for C-130J Super Hercules aircraft, a company spokesperson said in an interview with Reuters posted Thursday.

Joe LaMarca told Reuters the multi-year II contract covers the production of up to 83 transport planes for the service branch, Marine Corps and Coast Guard.

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Andrea Shalal writes that Lockheed expects to close the deal with the military branch later this year once it completes congressional notifications and certifications.

The Defense Department started negotiations on a deal for a batch of C-130J planes in 2013 and pegged the value of 79 aircraft at $5.9 billion at the time, Reuters said.

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