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Lockheed Receives $242M Navy Contract Modification for F-35 Electronic Components

F-35Lockheed Martin (NYSE: LMT) has been awarded a $241.8 million contract modification by the U.S. Navy to procure diminishing manufacturing sources electronic parts for F-35 production facilities in the U.S. and abroad.

The Defense Department said Tuesday work under the modification will support F-35 production through the fighter aircraft’s 15th lot.

Lockheed will perform work in Vermont and Texas through December 2018 for the Navy, U.S. Air Force, U.S. Marine Corps and foreign military sales program customers.

The Navy guaranteed $181.5 million from the FMS funds and aircraft procurement funds of the three military services at the time of award.

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