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Lockheed Gets $373M Contract Modification to Build F-35 Variants for Non-DoD Participants

Lockheed Martin (NYSE: LMT) has received a $372.9 million contract modification from the U.S. Navy to produce F-35A and F-35B variants and conduct deficiency correction efforts for non-Defense Department participants.

DoD said Monday the modification falls under a previously awarded advance acquisition contract for low-rate initial production of lot 10 F-35s.

The company received a $1.28 billion upfront payment from the department in November to fund the fighter aircraft program’s 10th batch as part of a potential $7.19 billion “undefinitized” contract.

Lockheed’s aeronautics business will perform work under the modification in California, Florida, Maryland, New Hampshire, Texas, Japan and the U.K. through March 2020.

The Naval Air Systems Command obligated $105 million in non-DoD participant funds at the time of award.

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