Lockheed Awarded $73.7 Million for F-22 Work
On Tuesday, the Department of Defense announced it has awarded Lockheed Martin an additional $73.7 million award on an existing contract to support "partnering activation" of a maintenance and repair depot being set up to service the F-22 fighter jet at Hill Air Force Base in Utah.
With F-22 production winding down, the Air Force is transitioning to the "sustainment" phase of its life cycle. Accordingly, the Air Force is now setting up public-private partnerships whereby private defense contractors will perform service and maintenance on the planes at government bases. (For example, Rockwell Collins recently completed a model partnership program servicing F-22 avionics at the Warner Robins Air Logistics Center in Iowa.)
Lockheed's role in this process is to support the setup of such depots at Air Force bases around the country, and to help manage and integrate the work of other contractors, such as Rockwell, working on its plane.
The article Lockheed Awarded $73.7 Million for F-22 Work originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.