Lockheed Secures $394M F-35 Mission, Flight Equipment Production Funds

Lockheed Martin (NYSE: LMT) has been awarded a $393.8M contract modification by the U.S. Navy to manufacture F-35 pilot flight and ancillary mission equipment for domestic and international defense customers.

The company will provide AME/PFE and associated initial spares to support lot 14 fighter aircraft deliveries to the Navy, Marine Corps, Air Force, non-DoD participants and foreign military sales clients, DoD said Wednesday.

The Pentagon finalized a $34B contract in October 2019 for the Bethesda, Md.-based aerospace and defense contractor to build 478 F-35s in lots 12 through 14. The deal sought to achieve 12.7 percent savings in the production of all three aircraft variants.

Work under the modification is scheduled to conclude by September 2023.

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