Lockheed Awarded $7B F-35 Procurement Contract Modification

Lockheed Martin‘s (NYSE: LMT) aeronautics business has received a potential $7B contract modification from the U.S. Navy to produce and deliver 114 lot 13 F-35 fighter jets to domestic and foreign military sales clients.

The Department of Defense said Monday the modification calls for Lockheed to build 77 F-35 units for the Air Force, Navy and Marine Corps and 37 units for the government of Australia, Norway and Italy.

The award also covers joint strike fighter airborne data emulator, air system diminishing manufacturing sources integration, red gear, recurring and non-recurring engineering support, critical safety systems and software data loads.

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

Naval Air Systems Command is the contracting activity and will obligate the full contract amount at the time of award.

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