Lockheed and Pentagon Agree on 850 Jets
Lockheed Martin and the Pentagon have reached an initial agreement for at least 850 F-35 fighter jets over the next ten years. The defense contractor will self-fund seven billion dollars in initiatives to support the program. The deal aims to stabilize the industrial base and lower production costs.
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LOCKHEED MARTIN CORP struck an initial production agreement with the Department of Defense on Thursday to build at least 850 F-35 fighter jets over a decade. The defense contractor will self-fund $7 billion in program initiatives under the framework. The agreement secures the core manufacturing pipeline for a platform that generates 40% of the company's quarterly revenue.
