Please ensure Javascript is enabled for purposes of website accessibility

United Tech Wins $215 Million Contract for F-35 Jet Engines

By Rich Smith - Sep 24, 2013 at 1:56PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

UTC is making advance acquisitions for Low Rate Initial Production Lot VI of the new LockMart fighter jet.

The Department of Defense announced a staggering 51 new contracts Monday, the most contracts it's awarded on any single day, at any time this year. In total, the value of these contracts exceeded $2.14 billion, and while defense contractor United Technologies (RTX 0.27%) didn't win the biggest of these contracts, it did win what was arguably the second-biggest.

UTC's award, a contract modification worth $214.8 million, will provide additional funds to its Pratt & Whitney subsidiary to make advance acquisition of parts needed to produce Lot VI Low Rate Initial Production Lot VI of the Lockheed Martin F-35 Lightning II fighter jet. Specifically, the initial spare modules, initial spare parts, replenishment spare parts, and production non-recurring efforts, including tooling funded by the contract modification relate to the Pratt & Whitney F135 engines that UTC is producing to power the jet.

These parts will be used to build F-35s not only for the U.S. Air Force, Navy, and Marines, but also F-35s on order by international customers Australia, Canada, Denmark, Italy, Norway, the Netherlands, Turkey, and the United Kingdom.

This contract is scheduled for completion by April 2016.

link

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.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Raytheon Technologies Corporation Stock Quote
Raytheon Technologies Corporation
RTX
$93.03 (0.27%) $0.25

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
377%
 
S&P 500 Returns
123%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/08/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.