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Lockheed Gets $1.5B Modification on Navy F-35 LRIP Advance Acquisition Contract

Lockheed Martin‘s (NYSE: LMT) aeronautics business has received a potential $1.46 billion modification under a U.S. Navy advance acquisition contract for the low-rate initial production of F-35 air systems.

The modification funds long-lead material and parts Lockheed will need to manufacture 145 lot 13 aircraft for the U.S. military services, non-Defense Department participants and foreign military sales customers, DoD said Tuesday.

DoD added the company will obtain the items to build 69 lot 14 aircraft for non-DoD and FMS clients.

Work will take place in the U.S., U.K and Japan through December.

The Naval Air Systems Command is the contracting activity and will obligate the full amount of the modification at the time of award.

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