Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Lockheed Martin Corporation    LMT   US5398301094

Delayed Quote. Delayed Nyse - 03/04 04:02:06 pm
198.97 USD   -0.48%
07:13pDJPentagon Plans Cost-Plus Deal for New Bomber--Update
05:25pDJGeneral Dynamics Boost Dividend
10:38a LOCKHEED MARTIN : Preparing Young Girls for Jobs of the Future (Boos..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Lockheed Martin Corporation : Lockheed wins $237 million more for F-35 work

05/07/2012 | 06:20pm US/Eastern

Lockheed Martin Corp has won $237 million in extra funding for a fourth batch of F-35 Joint Strike Fighters to account for changes to the hardware and software of the stealthy, supersonic new warplanes, the Pentagon said on Monday.

The modified contract increases the cap on retrofits needed on early production planes due to issues that arose in testing, which is still continuing, the U.S. Defense Department said in a daily listing of contract awards.

Lockheed said the change would enable the Defense Department to pay for certain changes they want incorporated into the new jets, up to the new cap. Lockheed is responsible for any additional costs beyond the agreed cap.

The Pentagon projects it will cost $397 billion to develop and build three variants of the plane for the U.S. military, a total of 2,447 planes. Eight partner countries also share in the development costs.

The U.S. Senate Armed Services Committee will hold a hearing on the new warplane, the Pentagon's costliest weapons program, on Tuesday afternoon.

Vice Admiral David Venlet, who runs the program for the U.S. government, is expected to provide an update on the program and several technical issues, including problems with the helmet worn by F-35 pilots, and the tailhook that helps stop the aircraft carrier variant of the plane.

About 3,650 Lockheed employees who work on the plane are in the third week of a strike at the company's Fort Worth, Texas facility and two sites where the U.S. military is carrying out test flights. The International Association of Machinists and Aerospace Workers wants to pressure Lockheed to drop its proposal to switch to a different pension system for new hires.

Lockheed officials said production and flight testing were continuing despite the strike. No new negotiating sessions have been agreed with the union.

(Reporting by Andrea Shalal-Esa; Editing by Tim Dobbyn)

React to this article
Latest news on LOCKHEED MARTIN CORPORATIO
07:13pDJPentagon Plans Cost-Plus Deal for New Bomber--Update
05:25pDJGeneral Dynamics Boost Dividend
03:08p LOCKHEED MARTIN : Patent Issued for Apparatus, Method and System for Reducing Ad..
02:13p LOCKHEED MARTIN : Patent Issued for Minimally Intrusive Wingtip Vortex Wake Miti..
11:50a LOCKHEED MARTIN : Patent Issued for Core Un-Blocking Roller Brush
11:02a LOCKHEED MARTIN : Automating The Armory: New Weapons Tracker Successfully Tested..
10:38a LOCKHEED MARTIN : Preparing Young Girls for Jobs of the Future (Boosting STEM Sk..
08:06a LOCKHEED MARTIN : MILITARY $52,915 Federal Contract Awarded to Lockheed Martin
08:06a LOCKHEED MARTIN : MILITARY Engine Start Ducts Sought by Defense Logistics Agency
03/03 LOCKHEED MARTIN : Federal Contracts Awarded to Companies in New York (March 3)
Advertisement
Chart
Duration : Period :
Lockheed Martin Corporatio Technical Analysis Chart | LMT | US5398301094 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF