Lockheed Martin has cut $600 million off from its next lot of 90 F-35 Joint Strike Fighter planes, President Trump said Monday
Lockheed Martin cut $600 million off the cost of the F-35 fighter jet program, which was repeatedly criticized by President Donald Trump for cost overruns as well as delays since his election run CNBC reported.
Earlier this month, Lockheed CEO Marillyn Hewson said the company was "very close to a deal" to lower the cost of the fighter program.
The F-35 currently has a per-unit cost of about $100 million, which the company pledged to bring down even before Trump became involved. "I appreciate Lockheed Martin for being so responsive," Trump added.
The company shares Trump's commitment to "delivering this critical capability for our men and women in uniform at the lowest possible cost to taxpayers," Lockheed Martin said Monday in a statement.
The company did not address how Trump got to the $600 million figure.
On Friday, Defense Secretary James Mattis ordered a review of the F-35 program to "determine opportunities to significantly reduce the cost." The total cost of the program is an estimated $400 billion.
Lockheed shares traded slightly higher on Monday.
The UK Royal Navy has awarded a contract to Lockheed Martin to manufacture new ‘Crowsnest intelligence, surveillance and tracking system for its new Queen Elizabeth class aircraft carriers. The system will act as the eyes and ears for the Royal Navys ships, providing long range air, maritime and land detection and tracking capability, the MoD said in a statement Monday
Lockheed Martin Rotary and Mission Systems has won a $120 million contract to procure Technical Insertion 16 Acoustic-Rapid-Commercial-Off-The-Shelf Insertion (A-RCI) engineering services and the Integrated Undersea Surveillance System (IUSS). A-RCI is a sonar system that integrates and improves towed array, hull array, sphere array, and other ship sensor processing through rapid insertion of COTS-based hardware and software, the serivice announced Friday
Lockheed Martin has won a US Navy development contract to provide MH-60 helicopters with enhanced electronic warfare surveillance and countermeasure capabilities against anti-ship missile (ASM) threats. Lockheed Martins Advanced Off-Board Electronic Warfare (AOEW) Active Mission Payload (AMP) AN/ALQ-248 system, is a self-contained EW pod hosted by an MH-60R or MH-60S, which provides the Navy advanced ASM detection and response capabilities, the company said in a statement Thursday
Lockheed Martin has won a $61 million contract for air vehicle sustainment support for the USAF F-22 fighter jets. Lockheed Martin will provide inlet coating repair, depot throughput, analytical condition inspections, and radar cross-section Marietta turntable support, in addition to touch labor and installs, for the F-22 aircraft, US department of defense said in a statement
Arab Islamic American Summit on Sunday is planning to establish the Middle East Strategic Alliance by 2018 with focus on their fight against terrorism, counter-piracy and also to protect the regions waterways and ship routes. The process of establishing the Riyadh-based Alliance with the participation of many nations will be completed by 2018, according to a communique, called “Riyadh Declaration”, adopted at the end of the summit in Riyadh,
The US and Saudi Arabia are likely to finalize a series of arms deals that include THAAD, Bradley Fighting Vehicles, M109 artillery, Littoral Combat Ships (LCS) and munitions as part of the touted $3oo billion arms package during US President Donald Trumps visit to Riyadh Friday. The arms package could end up surpassing more than $300 billion over a decade to help Saudi Arabia boost its defensive capabilities, Reuters reported last week quoting a senior White House official
Lockheed Martin has received additional funding to provide equipment and technical support for Aegis Ashore test and operational systems in Poland. "Lockheed Martin Rotary and Mission Systems, Moorestown, New Jersey, has been awarded a $10,396,703 modification to a previously awarded contract to provide equipment and technical support for Aegis Ashore test and operational systems in Poland," the release explained on Thursday
The next lot of F-35 aircraft (LRIP 10) reflects a $728M reduction in the total price when compared to Lot 9 and marks the first time the price for an F-35A is below $100M. A Lockheed Martin statement said over the weekend that this lot includes 90 aircraft total - 55 jets for the U
Lockheed Martin has won nearly $66 million in contracts from US Navy to produce Automatic Radar Periscope Detection and Discrimination (ARPDD) radar units. The multi mode radar kits will be used to upgrade the MH-60R fleet aircraft and also the funding will be used for the integration of Advanced Off-Board Electronic Warfare Active Mission Payload in MH-60R/S Aircraft's Avionics Operating Program
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