Lockheed Awarded $6.9 Billion to Modernize the F-22 Raptor

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On Wednesday, the Department of Defense announced that it has awarded a sizable Air Force contract to Lockheed Martin's (NYSE: LMT  ) Aeronautics division. Valued at $6.9 billion, the contract calls upon Lockheed to perform "modernization" work on the F-22 Raptor fighter jet.

The F-22, America's first so-called "fifth-generation" stealth fighter jet, has already cost  close to $80 billion to develop and build. Although 187 of the jets are currently in the Air Force's inventory , the F-22 has never once been flown in combat.

Last year, the F-22 flew into a maelstrom of criticism,  when it was reported that pilots of the jet were experiencing problems breathing while in flight, leading to multiple groundings  of the plane.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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11/27/2015 1:01 PM
LMT $225.91 Up +1.76 +0.79%
Lockheed Martin Co… CAPS Rating: ****