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Lockheed Receives $90M Navy Contract Modification to Explore F-35 Cost Reduction Measures

Lockheed Martin (NYSE: LMT) has received a three-year, $90.3M contract modification from the U.S. Navy to identify and implement measures to reduce the cost of the F-35 air system.

The company will aim to complete the cost reduction efforts by June 2022, the Department of Defense said Tuesday.

The Navy, Air Force and Marine Corps will use fiscal 2017 aircraft procurement funds on this modification.

The company secured a $1.38B advance acquisition contract in 2017 to obtain long lead materials, components and parts for the F-35 program’s lots 12 to 14.

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