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Report: DoD to Award $11B Contract for 11th Batch of Lockheed F-35s

Lockheed Martin (NYSE: LMT) could receive a potential $11 billion contract from the Defense Department in early September to produce 141 lot 11 F-35 jets for the U.S. military and foreign partners, Bloomberg reported Wednesday.

The Defense Contract Management Agency told the publication that there have been delays in the delivery of 209 of the 308 F-35s to domestic and international clients through the end of June.

The Pentagon expects Lockheed to deliver all 91 units this year, the report noted. Both parties reached a “handshake agreement” in July for the 11th production batch.

Carolyn Nelson, a spokeswoman for Lockheed, said the company has worked to address production-related flaws.

“As we ramp up production, each year we have lowered cost, reduced build time, improved quality and on-time delivery,” she added.

Nelson also noted that Lockheed plans to deliver 131 F-35s in 2019 and expects the delivery of 91 fighter jets this year to reflect a 40 percent rise from 2017.

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