Lockheed Martin, F-35 Joint Program Office Ink £147M Contract To Support UK's F-35 Fleet

Author: Akanksha Bakshi | April 04, 2023 07:22am

Lockheed Martin Corp (NYSE:LMT) and the F-35 Joint Program Office (JPO) signed the Lightning Air System National Capability Enterprise (LANCE) 23-27 contract to support the United Kingdom’s F-35 fleet.
The contract is valued at ~£147 million and will ensure and enhance the UK F-35 fleet’s availability and capability to conduct combat missions worldwide.
BAE Systems (OTC:BAESY) will serve as the primary subcontractor to Lockheed Martin, providing most personnel at Royal Air Force (RAF) Marham and in deployed locations as required.
The contract will secure more than 140 U.K. jobs, mainly at RAF Marham, with additional roles contracted within the maintenance teams on site.
BAE Systems was awarded $491 million in contracts from LMT to produce state-of-the-art Block 4 electronic warfare (EW) systems for future Lot 17 F-35 Lightning II fighter jets.
The powerful Block 4 systems will accelerate the delivery of advanced EW capabilities to warfighters by combining adaptable hardware and incremental software updates.
Price Action: LMT shares closed higher by 2.94% at $486.62 and BAESY higher by 1.44% at $50.08 on Monday.