Just hours before the government's "sequester" plan went into effect, the Department of Defense announced Thursday that it has awarded Lockheed Martin (NYSE:LMT) a $333.8 million contract related to the F-35 Lightning II fighter jet.
The contract will fund purchase of long lead-time parts, materials, and components required to manufacture 35 "Low-Rate Initial Production Lot VIII" F-35s scheduled to be produced for multiple purchasers:
- 19 conventional takeoff and landing F-35As for the U.S. Air Force.
- 6 short takeoff / vertical landing F-35Bs for the U.S. Marine Corps.
- 4 Carrier Variant F-35Cs for the U.S. Navy.
- 4 F-35Bs for the British armed forces.
- 2 F-35As for the Norwegian armed forces.
This contract is set to be completed by February 2014.
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.