Lockheed Martin awarded $900M F-16 service contract
F-16s are operated by 25 countries with a total of 4,588 produced
Lockheed Martin general manager in Archibald, Pa., Paul Cavaliere says his team has been 'very successful' at conducting business despite the pandemic, including meeting manufacturing demands and hiring new employees.
Lockheed Martin has won a 10-year, $900 million contract involving a variety of services in support of F-16 aircraft, the defense contractor announced Friday.
The company is the aircraft's original equipment manufacturer and will carry out the contract duties at its site in Greenville, South Carolina.
According to a press release, the contract includes "depot-level maintenance activities, predefined programmatic work, aircraft modification and unplanned drop-in maintenance."
F-16s are operated by 25 countries with a total of 4,588 produced, the company reported.
LOCKHEED MARTIN BOLSTERS FORECAST AMID F-35 STRENGTH
The announcement came after the company posted better-than-expected quarterly results in October, boosted by its F-35 fighter jet program.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LMT | LOCKHEED MARTIN CORP. | 546.47 | +3.18 | +0.59% |
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The company added that "Lockheed Martin’s team of F-16 experts are on-site and prepared to meet the service’s most challenging problems, partnering between Production and Sustainment operations, giving full life cycle coverage for the F-16."
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"The F-16 Fighting Falcon offers advanced interoperable capabilities that enhance partnerships with allies across the world. It has been proving its effectiveness for decades and continues to remain the best value among 4th generation jets for its capabilities and affordable lifecycle costs."
Fox Business' Jonathan Garber contributed to this report.