Hello, Guest!

Lockheed Gets $450M Contract Modification to Continue F-35A Air System Integration for South Korea

Lockheed Martin (NYSE: LMT) has been awarded a $450 million contract modification by the U.S. Navy to continue integration work on the F-35A air system for South Korea as part of a foreign military sales deal.

The Defense Department said Thursday the modification also covers non-recurring engineering services and falls under a previously awarded advance acquisition contract for the 10th batch of low-rate initial production F35s.

The Navy obligated FMS funds for the modification and Lockheed’s aeronautics business is scheduled to finish work in August 2019.

Lockheed received a $1.28 billion upfront fee from DoD in late November to fund low-rate initial production lot 10 F-35s.

DoD made the down payment as part of a potential $7.19 billion “undefinitized” contract action and less than a month after the department issued a $1.6 billion “unilateral” contract for the company to manufacture a total of 57 lot 9 fighter jets for U.S. and foreign military customers.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Contract Awards

Related Articles