Lockheed Receives $1.9B Contract to Support Global F-35 Fleet Operations, Sustainment; Greg Ulmer Quoted

The F-35 Joint Program Office has awarded Lockheed Martin (NYSE: LMT) a $1.9 billion contract to help manage the global F-35 fleet and increase mission readiness, while continuing to drive cost-reduction initiatives, the company announced on Monday.

The contract will fund critical sustainment activities for aircraft currently in the fleet and builds enterprise capacity to support the future fleet of more than 3,000 fighter jets. Lockheed will also provide industry sustainment experts to support base and depot maintenance, pilot and maintainer training and engineering across the globe.

In addition, the company will issue fleet-wide data analytics and supply chain management for part repair and replenishment to enhance overall supply availability for the fleet.

"The joint government and industry team continues to make significant progress improving readiness rates and reducing sustainment costs," said Greg Ulmer, vice president and general manager of Lockheed's F-35 program.

"In 2020, we will continue to optimize and advance the sustainment system," Ulmer added.

Lockheed received a three-year, $81.9 million contract modification from the U.S. Navy on in late 2019 to build specific hardware and software platforms from the Block 4 configuration in support of the F-35 Lightning II aircraft’s developmental flight tests.

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