{"id":537703,"date":"2021-09-13T18:25:43","date_gmt":"2021-09-13T22:25:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\/"},"modified":"2021-09-13T18:25:43","modified_gmt":"2021-09-13T22:25:43","slug":"pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\/","title":{"rendered":"Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Supporting Readiness for the Warfighter While Reducing Costs<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">FORT WORTH, Texas<\/span>, <span class=\"xn-chron\">Sept. 13, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0The F-35 Joint Program Office awarded the Lockheed Martin (NYSE: LMT) industry team\u00a0annualized contracts covering fiscal years 2021-2023 to support operations and sustainment of the global F-35 fleet, supporting mission readiness and further reducing costs.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1624711\/Pentagon_and_Lockheed_Martin_Contract.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1624711\/Pentagon_and_Lockheed_Martin_Contract.jpg\" title=\"The Pentagon and Lockheed Martin agree to F-35 Sustainment contracts supporting readiness for the warfighter while reducing costs.\" alt=\"The Pentagon and Lockheed Martin agree to F-35 Sustainment contracts supporting readiness for the warfighter while reducing costs.\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<div id=\"divReleaseHighlight9e4f\">&#8220;These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract.&#8221;<\/div>\n<p>The annual contracts fund critical sustainment activities for aircraft currently in the fleet and build enterprise capacity to support the future fleet of more than 3,000 F-35 aircraft. This includes industry sustainment experts supporting base and depot maintenance, pilot and maintainer training, and sustaining engineering for the U.S. and our allies across the globe. It also covers fleet-wide data analytics and supply chain management for part repair and replenishment to enhance overall supply availability for the fleet.<\/p>\n<p>&#8220;Together with the F-35 Joint Program Office, we recognize the critical role the F-35 plays in supporting our customers&#8217; global missions and the need to deliver this capability affordably,&#8221; said\u00a0Bridget Lauderdale, Lockheed Martin vice president and general manager of the F-35 program. &#8220;These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract, and exemplify the trusted partnership and commitment we share to reduce sustainment costs and increase availability for this unrivaled 5<sup>th<\/sup> generation weapon system.&#8221; <\/p>\n<p>The FY2021-2023 contracts represent a planned next step in further reducing overall operations and support costs for the F-35 program, which are shared between government and industry. Lockheed Martin has reduced our cost per flight hour by 44% in the past five years, with a forecasted reduction of an additional 40% in the next five years. The cost savings in the FY21-23 annualized sustainment contracts support Lockheed Martin&#8217;s efforts to realize these goals. The savings will be achieved through improved cost and velocity in our supply chain, continued reliability improvements, and greater manpower efficiencies to provide product support solutions across the growing, global fleet. \u00a0We remain committed to partnering with our customers and teammates to drive F-35 sustainment costs down.<\/p>\n<p>The contracts also pave the way for a longer-term, Performance Based Logistics (PBL) agreement for the F-35 program. PBLs are an industry best practice, facilitating agile sustainment solutions for the fleet and incentivizing even further affordability and performance results. <\/p>\n<p>The F-35 Joint Program Office, together with each U.S. service, international operators and the F-35 industry team, leads F-35 sustainment and the Global Support Solution. The 2021 annualized sustainment contract will cover industry sustainment activities through\u00a0Dec. 31, 2021.<\/p>\n<p>\n        <b>Greater Reliability and Affordability<br \/><\/b>Program data shows the F-35&#8217;s reliability continues to improve as the jet is approximately twice as reliable as fourth generation fighters. It also shows maintenance labor hours needed per flight hour are well within the contractual requirement, while the global fleet is averaging around 70% mission capable rates. Lockheed Martin has significantly lowered its share of cost per flight hour over the last five years, and the broader F-35 team is working across government and industry to achieve greater affordability.<\/p>\n<p>More than 690 aircraft have been delivered and are operating from 21 bases around the globe. More than 1,460 pilots and 11,025 maintainers have been trained and the F-35 fleet has surpassed 430,000 cumulative flight hours.<\/p>\n<p>For additional information, visit\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3289355-1&amp;h=3616127829&amp;u=https%3A%2F%2Fc212.net%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D2683256-1%26h%3D1063903912%26u%3Dhttp%253A%252F%252Fwww.f35.com%252F%26a%3Dwww.f35.com&amp;a=www.f35.com\" rel=\"nofollow noopener\">www.f35.com<\/a>.<\/p>\n<p>\n        <b>About Lockheed Martin<\/b><br \/>\n        <br \/>Headquartered in <span class=\"xn-location\">Bethesda, Maryland<\/span>, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.<\/p>\n<p>Please follow\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3289355-1&amp;h=1026192054&amp;u=https%3A%2F%2Ftwitter.com%2Flmnews&amp;a=%40LMNews\" rel=\"nofollow noopener\">@LMNews<\/a><\/u>\u00a0on Twitter for the latest announcements and news across the corporation.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/331919\/Lockheed_Martin_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/331919\/Lockheed_Martin_Logo.jpg\" title=\"Lockheed Martin Logo (PRNewsFoto\/Lockheed Martin) (PRNewsfoto\/Lockheed Martin Aeronautics Com)\" alt=\"Lockheed Martin Logo (PRNewsFoto\/Lockheed Martin) (PRNewsfoto\/Lockheed Martin Aeronautics Com)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DA05580&amp;sd=2021-09-13\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts-301375774.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts-301375774.html<\/a><\/p>\n<p>SOURCE  Lockheed Martin Aeronautics<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DA05580&amp;Transmission_Id=202109131822PR_NEWS_USPR_____DA05580&amp;DateId=20210913\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supporting Readiness for the Warfighter While Reducing Costs PR Newswire FORT WORTH, Texas, Sept. 13, 2021 \/PRNewswire\/ &#8212;\u00a0The F-35 Joint Program Office awarded the Lockheed Martin (NYSE: LMT) industry team\u00a0annualized contracts covering fiscal years 2021-2023 to support operations and sustainment of the global F-35 fleet, supporting mission readiness and further reducing costs. &#8220;These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract.&#8221; The annual contracts fund critical sustainment activities for aircraft currently in the fleet and build enterprise capacity to support the future fleet of more than 3,000 F-35 aircraft. This includes industry sustainment experts supporting base and depot maintenance, pilot and maintainer training, and sustaining engineering for the U.S. and our &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-537703","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Supporting Readiness for the Warfighter While Reducing Costs PR Newswire FORT WORTH, Texas, Sept. 13, 2021 \/PRNewswire\/ &#8212;\u00a0The F-35 Joint Program Office awarded the Lockheed Martin (NYSE: LMT) industry team\u00a0annualized contracts covering fiscal years 2021-2023 to support operations and sustainment of the global F-35 fleet, supporting mission readiness and further reducing costs. &#8220;These contracts represent more than a 30% reduction in cost per flying hour from the 2020 annualized contract.&#8221; The annual contracts fund critical sustainment activities for aircraft currently in the fleet and build enterprise capacity to support the future fleet of more than 3,000 F-35 aircraft. This includes industry sustainment experts supporting base and depot maintenance, pilot and maintainer training, and sustaining engineering for the U.S. and our &hellip; Continue reading &quot;Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-13T22:25:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1624711\/Pentagon_and_Lockheed_Martin_Contract.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts\",\"datePublished\":\"2021-09-13T22:25:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/\"},\"wordCount\":628,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1624711\\\/Pentagon_and_Lockheed_Martin_Contract.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pentagon-and-lockheed-martin-agree-to-f-35-sustainment-contracts\\\/\",\"name\":\"Pentagon and Lockheed Martin Agree to F-35 Sustainment Contracts - 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