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.

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.

Recent Posts

Visa takes over Swedish fintech Tink in €1.8bn deal

Visa takes over Swedish fintech Tink in €1.8bn deal

: Visa is committed to perform better in the field of open banking sector by combining its networks and Tink’s modern technologies.
13 hours ago
BP Invests $7 million in Electric Vehicle Charging Technologies

BP Invests $7 million in Electric Vehicle Charging Technologies

Investment in IoTecha is linked with BP’s intention to produce over 70,000 public EV charging points globally by 2030
13 hours ago
Elon Musk’s Starlink satellite internet set to cover the globe soon

Elon Musk’s Starlink satellite internet set to cover the globe soon

Starlink, the satellite internet unit of Elon Musk’s SpaceX, will most likely be able to provide global coverage by September, according to the company’s president Gwynne S
2 days ago
At the next Krispy Kreme IPO, the donut maker aims to raise nearly $4 billion

At the next Krispy Kreme IPO, the donut maker aims to raise nearly $4 billion

Krispy Kreme, the popular donut chain, aims raise roughly $4 billion as it makes one of the biggest IPO debuts at the NYSE.
2 days ago
Panasonic hopes Blue Yonder acquisition will improve its software woes

Panasonic hopes Blue Yonder acquisition will improve its software woes

Most Japanese major companies, which at one time were leaders in consumer electronics, are struggling to find their feet in a world that has moved to digital software. Electronics
2 days ago
Ikea and Rockefeller Foundations to raise $10 billion for renewable energy projects in poor countries

Ikea and Rockefeller Foundations to raise $10 billion for renewable energy projects in poor countries

The Ikea and Rockefeller foundations are jointly launching a $10 billion fund to promote small-scale renewable power projects in developing nations. Both
4 days ago