On Thursday, the Department of Defense announced that it has awarded United Technologies' (NYSE:UTX) Pratt & Whitney Military Engines subsidiary a $65 million cost-plus-incentive-fee modification to a previously awarded advance acquisition contract.
Specifically, the Pentagon is ordering Pratt to perform labor and provide materials to maintain and repair the F135 propulsion systems that power F-35 fighter jets produced by Lockheed Martin (NYSE:LMT), and in use by the U.S. Marine Corps, Air Force, and Navy. Pratt will additionally perform fleet and material management, engineering services, and technical data updates.
These services are all attached to the Joint Strike Fighter (JSF) F135 Propulsion System Low Rate Initial Production (LRIP) "Lot VI" contract that Pratt was originally awarded. The additional work is expected to be complete in December 2013.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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