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Lockheed Receives $172M Lot 11 F-35 Contract Modification

Lockheed Martin (NYSE: LMT) has received a $171.7 million U.S. Navy contract modification for the low-rate initial production of lot 11 F-35 aircraft.

The award covers diminishing manufacturing sources redesign efforts for the air system and work will occur through January 2024 in Fort Worth, Texas, the Defense Department said Tuesday.

DoD noted $68.6 million of the full obligated amount will expire at the end of the current fiscal year.

The modification falls under a $1.17 billion advance acquisition contract awarded to Lockheed in 2015 for procurement of the long lead materials needed to produce the lot 11 aircraft.

Ellen Lord, undersecretary of defense for acquisition and sustainment, said in mid-July the company and the Pentagon were in final talks regarding the eleventh fighter batch.

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