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Lockheed gets $442 million Navy F-35 contract

WASHINGTON
Thu Jul 2, 2009 5:41pm EDT

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Workers prepare a F-35 joint strike fighter four days before the opening of the 47th Paris Air Show at the Le Bourget airport near Paris, June 14, 2007. REUTERS/Pascal Rossignol

WASHINGTON (Reuters) - Lockheed Martin Corp (LMT.N) has won a $441.9 million modification to a previously awarded U.S. Navy F-35 fighter contract, the Pentagon said on Thursday.

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The modification changes a low-rate initial production "advance acquisition" contract to a "cost-plus-incentive-fee/award-fee contract," the Pentagon said in its daily contract digest. Under a cost-plus contract, the contractor is compensated in a way that equals its expenses plus a profit.

In addition, the change provides for logistics support and hardware for the sustainment of seven U.S. Air Force and one Dutch conventional take-off and landing aircraft; and seven U.S. Marine Corps and two UK short take-off vertical-landing aircraft, among other things, the Pentagon said.

The radar-evading F-35 is in the early stages of production.

(Reporting by Jim Wolf)
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