The Department of Defense issued 18 contracts worth a total of $870 million on Wednesday. Among the more interesting contracts awarded, Lockheed Martin (NYSE:LMT) won an additional $99 million contract for further work on its F-35 Lightning II Joint Strike Fighter.
The awarded contract modification funds the purchase of "long lead-time parts, material and components required" to build 19 conventional takeoff and landing F-35A stealth fighters for the U.S. Air Force. The only fifth-generation fighter jet still in production after cancellation of the F-22 Raptor program, the F-35 is expected to ultimately cost taxpayers -- and pay Lockheed -- as much as $1 trillion over the program's lifetime, and to generate hundreds of millions of dollars more after factoring in foreign military sales.
Lockheed's work on the instant long-lead acquisition contract should be completed in June 2014.