Department of War and Lockheed Martin agree to produce 850 F-35 fighter jets
Lockheed Martin's CEO noted that the agreement is "good for the taxpayer, good for our suppliers and, most importantly, good for the United States and its allies."
The Department of War and defense contractor Lockheed Martin announced a 10-year agreement for the production of 850 F-35 Lightning II Joint Strike Fighter aircraft.
The value of this transaction, whose approval is subject to congressional authorization, has not yet been determined.
In addition to manufacturing the aircraft, Lockheed Martin will provide technical support and offer spare parts kits to repair defective components. The company will self-fund at least $7 billion in initiatives to support the F-35 program.
"We have fundamentally changed how we stabilize the American defense industrial base to produce at speed and scale," said Under Secretary of War Michael P. Duffey in a statement.
"This agreement with Lockheed Martin proves it. By aligning financial incentives with actual performance, we are ensuring our warfighters are equipped with the lethal capabilities they need to fight and win," he added.
Lockheed Martin CEO Jim Taiclet stated that this agreement is beneficial for the United States and its allies.
"This multiyear framework strengthens the way we can plan and invest in the F-35 enterprise. With the greater certainty that comes from the U.S. government's transformative approach to F-35 production and sustainment, we can make the upfront investments needed to expand capacity, improve efficiency, and build a more resilient supply chain. That's good for the taxpayer, good for our suppliers and, most importantly, good for the United States and its allies," said Taiclet.
The F-35 is one of the most comprehensive and advanced fighter jets in existence. It is estimated that there are more than 1,000 units deployed worldwide.
🛠 Do you think there is an error in this article?
Recommendations
LATEST
