US Allows Deliveries Of Lockheed's F-35 Jets After Objection Over Use Of Chinese Magnet

  • 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.
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