US Allows Deliveries Of Lockheed's F-35 Jets After Objection Over Use Of Chinese Magnet - Lockheed Martin (NYSE:LMT)

The Pentagon has allowed Chinese-origin alloy to be used in a component for Lockheed Martin Corporation's LMT F-35 jet engines.
The waiver allows the resumption of F-35 jet deliveries.
The magnet used in an aircraft-powering device supplied by Honeywell International Inc HON has been used in the plane since 2003, the Pentagon's F-35 program office said.
In September, the Pentagon stopped accepting new F-35 jets after discovering a magnet in the stealthy fighter's engine was made with unauthorized material from China.
William LaPlante, the Pentagon's chief weapons buyer, said the determination applies until the last aircraft under the contract is accepted, currently projected for October 2023.
Also Read: Pentagon Makes Efforts To Lower Dependency On Chinese Material Supplies.
The pump supplier, Honeywell, will work to find an alternative source for the metal and use that in future lubricant pumps.
Lockheed Martin, which manufactures the jets, had said the issue was "related to a magnet on the F-35 Turbomachine manufactured by Honeywell that includes cobalt and samarium alloy."
An alternative source for the alloy will be used in the future, the Joint Program Office said in its statement.
Price Action: LMT shares closed at $403.96 on Friday.