Navy Awards Lockheed $137M Contract Modification for Lot 10 F-35 Spares Production

F-35Lockheed Martin (NYSE: LMT) has received a potential $136.6 million contract modification from the U.S. Navy to build the 10th batch of air vehicle initial spares for the F-35 program.

The Defense Department said Friday the modification covers lot 10 low-rate initial production of F-35A, F-35B and F-35C common spares as well as aloft spare packages and deployment spares.

DoD noted the extra aircraft parts are needed to meet the vehicle delivery schedule for U.S. armed forces, non-DoD participants and foreign military customers.

Lockheed’s aeronautics segment will perform work through December 2019 in Arizona, California, Connecticut, Florida, Georgia, Illinois, Iowa, Maryland, New York, Texas, the U.K. and the Netherlands.

The Naval Air Systems Command is the contracting activity and will obligate $89.3 million in Air Force, Navy, Marine Corps aircraft procurement funds for fiscal 2016 at the time of award.

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