Lockheed Awarded $4.7B F-35 Procurement Contract Modification

Jeff Brody

Lockheed Martin (NYSE: LMT) has received a potential three-year, $4.7B contract modification from the U.S. Navy to produce and deliver 78 F-35 fighter jets and associated red gear to three service branches.

The Department of Defense said Monday the modification to a previously awarded fixed-price-incentive-firm-target contract includes 48 F-35A units for the U.S. Air Force, 16 F-35C units for the Navy and 14 F-35B for the U.S. Marine Corps.

Work will occur in Texas, California, Florida, New Hampshire, Maryland and the U.K. through March 2023.

Naval Air Systems Command is the contracting activity and will obligate the full contract amount using aircraft procurement funds for fiscal 2020 at the time of award.

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