Lockheed Martin Gets $736M Modification to Lot 13 F-35 Advance Acquisition Contract

Lockheed Martin (NYSE: LMT) has received a $735.7 million modification to an advance acquisition contract that funds equipment and efforts necessary to build lot 13 F-35 low-rate initial production units for the U.S Air Force, Navy and Marine Corps.

The modification allocates $74.7 million for long-lead time materials, parts, components and support services, and another $660.9 million for lots 13 and 14 F-35 production equipment that completed hardware qualification tests, the Defense Department said Friday.

Work will occur through December 2019 at various locations in Texas, U.K. and Japan.

The three service branches will use fiscal 2018 aircraft procurement funds to cover the full obligated amount at the time of award.

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