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Lockheed Awarded $180M Navy Contract Modification for F-35 Materials

F-35Lockheed Martin (NYSE:LMT) has received a $180 million contract modification from the U.S. Navy to continue procurement of F-35 aircraft parts.

The Defense Department said Thursday the modification builds on the advance acquisition contract awarded in December 2015 for long-lead-time materials, components and parts for the low-rate initial production of Lot 11 F-35s.

Lockheed will also provide support for 15 more F-35A variant units for the U.S. Air Force and an additional 10 F-35B variant aircraft for the U.S. Marine Corps, DoD said.

The department added work is scheduled to be completed by December 2019 and carried out in the U.K., Italy and in Texas, California, Florida, New Hampshire and Maryland in the U.S.

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