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10:12 AM, May 20, 2017
Lockheed Martin Awarded $137M To Cut Costs Of F-35 Fighters

Lockheed Martin has been awarded $137 million contract to cut the costs of the F-35 Joint Strike Fighter, the Department of Defense said in a press release.

"Lockheed Martin Corp., Lockheed Martin Aeronautics Co., Fort Worth, Texas, is being awarded a $137,834,819… [contract] to provide additional funding for affordability-based cost reduction initiatives in support of low-rate initial production Lot 9 F-35 Lightening II Joint Strike Fighter," the release said Friday.

Work is expected to be completed in December 2020.

The new contract modification combines work on F-35 purchases for the US Air Force, Marine Corps and Navy, the Defense Department noted.

The Pentagon has presented the F-35 as the most advanced multirole fighter in its arsenal, but the most expensive piece of military equipment ever made has been plagued by delays, ever-increasing costs, as well as maintenance and reliability issues.