Lockheed Awarded $73.7 Million for F-22 Work (LMT)

Lockheed Awarded $73.7 Million for F-22 Work

On Tuesday, the Department of Defense announced it has awarded Lockheed Martin (NYSE: LMT ) an additional $73.7 million award on an existing contract to support "partnering activation" of a maintenance and repair depot being set up to service the F-22 fighter jet at Hill Air Force Base in Utah.

With F-22 production winding down, the Air Force is transitioning to the "sustainment" phase of its life cycle. Accordingly, the Air Force is now setting up public-private partnerships whereby private defense contractors will perform service and maintenance on the planes at government bases. (For example, Rockwell Collins recently completed a model partnership program servicing F-22 avionics at the Warner Robins Air Logistics Center in Iowa.)

Lockheed's role in this process is to support the setup of such depots at Air Force bases around the country, and to help manage and integrate the work of other contractors, such as Rockwell, working on its plane.

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