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Lockheed Gets $1.2B Contract for F-35 Parts, Materials Procurement

F-35The U.S. Navy has awarded Lockheed Martin (NYSE: LMT) a four-year, $1.17 billion advance acquisition contract to obtain long-lead materials, components and parts necessary for the manufacture of low-rate initial production lot 11 F-35s.

The Defense Department said Monday that Lockheed will use the long-lead items to build 80 F-35A planes for the Air Force and the governments of Norway, Turkey, Australia, Israel, Japan, South Korea and the Netherlands.

The company will also produce seven F-35Bs for the Marine Corps and the British military as well as four F-35Cs for the Navy, the Pentagon noted.

The Naval Air Systems Command is the contracting activity and will provide $847.9 million in U.S. military and foreign military sales funds at the time of award.

Lockheed’s aeronautics business will perform the work through December 2019 at various domestic and international locations.

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