Lockheed Martin inks a new $34 billion F-35 contract with the Pentagon
Category: #business  By Akshay Kedari  Date: 2019-10-31
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Lockheed Martin inks a new $34 billion F-35 contract with the Pentagon

The F-35 Lightning stealth fighters, integrated with Block IIIF software, developed by Lockheed Martin, the American aerospace and defense company, in collaboration with the Pentagon are expected to enter service in 2019. The company has already delivered more than 350 aircrafts, with more to come, to replace USA’s top combat aircraft fleets.

In fact, the defense firm recently announced that it has inked a new $34 billion contract with the Pentagon for the delivery of over 478 aircrafts. The latest F-35 contract is the defense company’s biggest contract yet.

The F-35, which is the crown jewel of the Lockheed Martin product range, has become the most challenged programs for the Department of Defense, primarily due to the laundry-list of setbacks the program faced, including software delays, faulty ejection seats, and substantial helmet-display issue.

The combat aircraft development program boasted of an initial procurement cost of over $406.5 billion. However, the Pentagon has touted to reduce the costs as well as a more quicker timetable while making the $34 billion contract announcement.

F-35 program executive officer, Air Force Lt. Gen. Eric Fick stated that the new agreement attains an average of 12.7% cost reduction in all three F-35 variants, getting the Air Force below the $80 million mark for USAF F-35A, by Lot 13; a lot earlier than previously planned.

For the record, the F-35 combat aircraft comes in three different variants; namely the F-35A, developed for the U.S. Air Force, the F-35B, developed for the U.S. Marine Corps, and the F-35C, developed for the U.S. Navy.

The undersecretary of Defense for acquisition and sustainment, Ellen Lord stated that the $34 billion deal for the F-35 low-rate production lots 12-14 also includes the supply of over 478 units.

Lord further added that the department has full confidence and faith in the Lockheed Martin F-35 program as well as in its ability to deliver the f-35 combat aircraft capability anywhere across the world. The F-35 is the most advance, lethal as well as interoperable combat aircraft ever developed in the world.

The aforementioned deal comes as Turkey’s participation in the combat aircraft development program was withdrawn by the U.S. after the country signed a multi-billion-dollar missile system agreement with Russia.
 

Source credit: https://www.cnbc.com/2019/10/29/lockheed-martin-costly-f-35-program-gets-biggest-pentagon-contract-yet.html

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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