Lockheed Awarded $6.9 Billion to Modernize the F-22 Raptor

On Wednesday, the Department of Defense announced that it has awarded a sizable Air Force contract to Lockheed Martin's Aeronautics division. Valued at $6.9 billion, the contract calls upon Lockheed to perform "modernization" work on the F-22 Raptor fighter jet.

The F-22, America's first so-called "fifth-generation" stealth fighter jet, has already cost  close to $80 billion to develop and build. Although 187 of the jets are currently in the Air Force's inventory , the F-22 has never once been flown in combat.

Last year, the F-22 flew into a maelstrom of criticism,  when it was reported that pilots of the jet were experiencing problems breathing while in flight, leading to multiple groundings  of the plane.

The article Lockheed Awarded $6.9 Billion to Modernize the F-22 Raptor originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


Increase your money and finance knowledge from home

What Is Your Risk Tolerance?

Answer the question "What type of investor am I?".

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

Add a Comment

*0 / 3000 Character Maximum