Thursday July 2, 10:46 PM
Lockheed gets $442 mln Navy F-35 contract
WASHINGTON, July 2 (Reuters) - Lockheed Martin Corp (NYSE: LMT - news) has won a $441.9 million modification to a previously awarded U.S.
Navy F-35 fighter contract, the Pentagon said on Thursday.
The modification changes a low-rate initial production 'advance acquisition' contract to a 'cost-plus-incentive-fee/award-fee contract,' the Pentagon said in its daily contract digest. Under a cost-plus contract, the contractor is compensated in a way that equals its expenses plus a profit.
In addition, the change provides for logistics support and hardware for the sustainment of seven U.S. Air Force and one Dutch conventional take-off and landing aircraft; and seven U.S. Marine Corps and two UK short take-off vertical-landing aircraft, among other things, the Pentagon said.
The radar-evading F-35 is in the early stages of production.
(Reporting by Jim Wolf) Keywords: LOCKHEED FIGHTER
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