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Pentagon, Lockheed Martin agree on $30 bln F-35 jet deal

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Jul 2022 09:38
2 Min Read

The US Department of Defense reached an agreement with Lockheed Martin Corp to buy approximately 375 F-35 fighter jets over three years, amid expectations of a price increase for the most common version of the jet.

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  • US F-35 fighter jets
    US F-35 fighter jets

The Pentagon and Lockheed Martin have agreed on the prices and quantities of new F-35 fighter jets that will be purchased over the next three years as per a company spokesperson.

On Monday, US media reported that the Pentagon and Lockheed Martin had reached an agreement worth approximately $30 billion for 375 F-35 fighter jets.

In a statement, a company spokesperson said later, on Monday, that "through a collaborative effort with the F-35 enterprise, including the Joint Program Office, suppliers, and teammates, we have successfully reached an agreement on Lots 15 through 17." 

"In the midst of continued COVID-19 impacts and decreased F-35 quantities, the F-35 enterprise was able to achieve a cost per jet lower than record-breaking inflation trends," the spokesperson added.

Final prices, the number of F-35 jets to be sold, and which countries will purchase the aircraft will be disclosed when the agreement is officially inked, according to the spokesperson.

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The handshake agreement comes as the aviation industry gathered for the return of the Farnborough Airshow, hoping for a show of confidence following the devastation of COVID-19.

Lockheed began to warn that the cost of the jet would rise as economies of scale dwindled and supply chains faltered. 

A pre-pandemic forecast for this three-year purchase indicated that 485 jets could be included, but the 22 percent volume reduction would undoubtedly affect the overall cost of the F-35A, the most common version of the jet.

A previous three-year "block buy" signed by the Pentagon in 2019 was for 478 F-35 fighter jets, allowing Lockheed to buy larger quantities of components, reducing costs by about 8%, to $34 billion.

According to Lockheed executives, any country with an F-16 jet, the F-35's predecessor, is a potential customer.

It is worth noting that foreign military sales, such as the F-35, are classified as government-to-government transactions in which the Pentagon serves as an intermediary between the defense contractor and a foreign government.

The F-35 jet program accounts for approximately 27% of Lockheed's revenue.

  • Lockheed Martin Corp
  • Pentagon
  • US
  • fighter jets
  • aviation industry

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