Lockheed Martin Awarded $422 Million for More F-35 Fighter Jet Work

The Department of Defense announced 21 new defense contracts worth $2.96 billion million in aggregate on Thursday. The largest of these contracts -- $872 million worth -- went to a series of federally defined "small businesses" supplying fire and emergency services equipment to the U.S. Army, Navy, Air Force, and Marine Corps. But the contract that Lockheed Martin won for itself wasn't too shabby, either.

Worth $422 million, Lockheed's award was actually a modification of a preexisting contract of even greater size. The new award will pay Lockheed for providing "sustainment" support for F-35 Lightning II stealth fighter jets operated by the U.S. Navy, Marine Corps, and Air Force, and also for foreign buyers of the aircraft: Australia, Canada, Denmark, Italy, the Netherlands, Norway, Turkey, and the United Kingdom.

Lockheed's sustainment activities are to include everything from ground maintenance activities to supply chain management to pilot support and maintenance staff training and will continue through October 2014.

The article Lockheed Martin Awarded $422 Million for More F-35 Fighter Jet Work 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.

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