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Lockheed Reports Accelerated Progress Payments to Defense Suppliers

Lockheed Martin (NYSE: LMT) has distributed $450M in accelerated contract payments it received from the Department of Defense to the Bethesda, Md.-based contractor's supply chain ahead of schedule.

The company said Friday it also issued $85M in advance payments to small businesses and other suppliers operating throughout 46 U.S. states to help sustain the defense industrial base amid the coronavirus pandemic.

Additionally, Lockheed earmarked $320K for transitioning 13 apprenticeship programs to virtual training events and reported 2,365 new hires at various locations nationwide since the beginning of the COVID-19 crisis.

The firm also deployed corporate jets to help the Department of Health and Human Services transport COVID-19 response personnel.

Medical frontliners have also received thousands of personal protective equipment from Lockheed. The company added it donated 44K meals to local communities near its facilities.

The company is also transitioning apprenticeship programs into virtual setups for continued pursuit amid the crisis.

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