Lockheed, Pratt Awarded New F-35 Funding

The U.S. Department of Defense is allotting new funds to Lockheed Martin Corp. (IW500/25) and Pratt & Whitney for continuing production in the F-35 Lightning II Joint Strike Fighter program. Lockheed, the primary contractor for the fighter jet, is drawing $559.5 million to fund assembly of the aircraft, and Pratt & Whitney will receive $1.5 billion to produce 99 new F-135 engines.

Also, Lockheed confirmed reports it is finalizing negotiations with the Pentagon to start production on the Lot 9 of the F-35, a contract that has been expected for several months. More than a year ago, Defense approved $920 million for Lockheed to proceed with “advanced procurement” (i.e., the materials, parts, and systems sourced from the vast network of manufacturers supplying the F-35 program) for Lot 10 production, an indicator of the scope of the supply and manufacturing program.