Lockheed Martin Wins Contract for F-35A and F-35B Fighter Jets
Lockheed Martin landed a pair of Pentagon contracts Thursday, worth some $85 million in aggregate.
The smaller of the two awards, for $14.6 million, went to a small Lockheed unit called Lockheed Martin Gyrocam Systems LLC. Gyrocam won a task order to provide field service representatives to assist the Navy on a vehicle optic surveillance system program in Afghanistan, including providing parts, logistics, maintenance, and training support for legacy systems. Lockheed's work on this contract should be complete by July 2014.
The larger award, this one for a more substantial $70.4 million, modifies a previously awarded advance acquisition contract to provide Lockheed with the funds needed to buy "long lead-time" parts, material, and components that will be required to build seven Conventional Take-Off and Landing F-35A Lightning II Joint Strike Fighter aircraft, and one Short Take-Off Vertical Landing F-35B Lightning II Joint Strike Fighter aircraft. All eight aircraft are destined for the Italian Air Force. Work on this long-lead contract is to be completed by February 2014.
The Pentagon made a point of clarifying that "International Partner contract funds" will be paying for these planes; for example, Italy is picking up the tab for this contract, and not U.S. taxpayers.
The article Lockheed Martin Wins Contract for F-35A and F-35B Fighter Jets 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.