Lockheed Receives $423M Lot 10 F-35 Special Equipment Procurement Funds

Lockheed Martin‘s (NYSE: LMT) aeronautics business has received a $422.7 million contract modification from the U.S. Navy to obtain special tools and test equipment for the tenth batch of F-35 jets.

The Defense Department said Wednesday the modification covers purchases from the Navy, U.S. Air Force and Marine Corps as well as international partners and foreign military sales customers.

Lockheed was awarded a $920.3 million advanced acquisition contract by the Navy in June 2015 for the production of 94 F-35s for U.S. and international defense clients.

The Naval Air Systems Command obligated the full amount of the modification from fiscal 2015 and 2016 Air Force, Marine Corps and Navy aircraft procurement funds along with international partner and foreign military sales funds.

Work will occur in Arizona, California, Florida, Georgia, Illinois, Iowa, Maryland, New Hampshire, New York, Texas, Vermont and various locations within and outside the continental U.S. through December 2020.

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