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Lockheed Martin Wins $713M Navy Contract For F-35 Technology Upgrade

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Lockheed Martin Corporation's (NYSE: LMT) Aeronautics unit recently secured a contract for developing advanced hardware to support the F-35 Lightning II Technology Refresh 3 (TR3) System. The deal has been awarded by the Naval Air Systems Command, Patuxent River, Maryland.

Valued at $712.5 million, the contract will cater to the U.S. Marine Corps, Navy and non-U.S. Department of Defense (DoD) participants. Under the agreement, the company will design the TR3 System with full flightworthy certification, production readiness review and fleet release to support low-rate initial production of the 15th Lot of F-35 jets.

Work related to the deal is scheduled to be over by March 2023 and will be carried out in Fort Worth, TX.

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The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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