Lockheed wins contract valued at $920 million for buying aerospace materials of 94 F-35 fighter jets

F-35 fighter jets

Lockheed Martin Corp. wins contract valued at $920 million for buying aerospace materials of 94 F-35 fighter jets

On Thursday, Pentagon announced that American global aerospace – Lockheed Martin Corp. won contact valued at $920 million, to start buying aero materials and parts for a tenth batch of 94 F-35 fighter jets.

According to a spokesman for the Pentagon’s F-35 program office said that the advanced acquisition deal will allow the company to start ordering materials and parts, which take a long time to procure, like, titanium. The US government and Lockheed are still negotiating the terms of the overall deal for jets in the tenth batch- a contract, which will be priced at well over.

Recently, Pentagon’s prime contractor – Lockheed Martin Corp.’s business units – Lockheed Martin Missiles & Fire Control has also received $226.9 million fixed price-incentives and rocket military sales deal form the US army, for the procurement of several rockets, including reduced range practice rockets, unitary rocket, and alternate warhead rockets.

About 69 per cent of the work will be carried out in Grand Prairie – Texas, and remaining work will be carried out in Camden – Arkansas. The contract is expected to be finalized by June 2, 2017, and the contracting activity is Redstone Arsenal-Missile, Redstone Arsenal, Al, and Army Contracting Command.

According to a daily digest of large arms contracts, the deal covers 78 F-35 A-model jets to be built for the U.S Air Force, Australia, Norway, Italy, Turkey, and other countries, 14 F-35 B-model jets for the U.S. Marine Corps, Britain and Italy, and 2 F-35 C-model jets for the Navy and Marine Corps.

Even in this tepid budget scenario, Lockheed Martin Corp. is enjoying a stream of contract from the U.S Department of Defense. Recently the company won a $735.5 million deal for the maintenance operation of several communication satellites that belong to the U.S military.

Even though, the company’s MFC segment has witnessed a decline in sales by 19 per cent in the first-quarter of 2015, its diverse portfolio allows it to secure plenty of contracts- both in international and domestic markets.

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Christy Gren
Christy Gren is an Industry Specialist Reporter at Industry Leaders Magazine; she enjoys writing about Unicorns, Silicon Valley, Startups, Business Leaders and Innovators. Her articles provide an insight about the Power Players in the field of Technology, Auto, Manufacturing, and F&B.

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