Pentagon, Lockheed Martin finalize 10-year F-35 jets agreement

The Department of Defense and Lockheed Martin finalized a 10-year framework agreement on Thursday to strengthen the F-35 Lightning II Joint Strike Fighter fleet.

The agreement requires Lockheed Martin to self-fund at least $7 billion in initiatives supporting the F-35 program in exchange for a decade-long procurement commitment.

The Pentagon said in a statement that execution remains subject to congressional authorization and appropriations.

"We have fundamentally changed how we stabilize the American defense industrial base to produce at speed and scale," said Pentagon Undersecretary Michael P. Duffey. "This agreement with Lockheed Martin proves it. By aligning financial incentives with actual performance, we are ensuring our warfighters are equipped with the lethal capabilities they need to fight and win."

The framework establishes a minimum commitment of 850 US aircraft during the 10-year period and includes the procurement of initial spare parts and modification kits, as well as sustainment of the global F-35 fleet, said the Pentagon.