Lockheed Gets $250M Contract Modification for Lot 11 F-35 Tools, Test Equipment

Lockheed Martin‘s (NYSE: LMT) aeronautics business has received a $250.4M U.S. Navy contract modification to provide special tools and test equipment for the eleventh batch of F-35s.

The modification is composed of purchases from Navy, U.S. Marine Corps, U.S. Air Force, foreign military sales customers and international partners, the Defense Department said Thursday.

Lockheed was awarded a $1.17B advanced acquisition contract in 2015 to obtain long-lead materials needed to build lot 11 F-35 low-rate initial production units.

The Navy will obligate the entire modification value at the time of award, $168M of which will expire at the end of the current fiscal year.

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