Oct 22 (Reuters) – Lockheed Martin (LMT.N), opens new tab has entered an initial production and sustainment agreement with the Department of Defense for at least 850 F-35 Lightning II fighter jets over the next 10 years, they said on Thursday.
The defense contractor will self-fund at least $7 billion in initiatives that support the F-35 program, the department said in a statement.
The F-35, built with stealth technology that allows it to evade enemy detection, is considered the world’s most advanced fighter jet and is at the core of Lockheed’s aeronautics division that forms close to 40% of its quarterly revenue.
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