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Lockheed, Pentagon Agree on $4B F-35 Fighter Jet Contract

U.S. Defence authorities and Lockheed Martin Corp (LMT.N) have agreed upon the terms of a $4 billion contract for purchase of an 8th batch of 43 F-35 fighter planes.

The deal was first expected in May/June however, the talks slowed after engine failure on an Air force plane on June 23 grounded the whole fleet of F-35 jets for weeks.

The deal includes aircrafts to be manufactured for the U.S military, Britain and other allies and will reduce the cost of the radar-evading warplane by around 3 percent. Sources said that the cost of U.S Air Force model of the jet will lower by around 4 percent.

Lockheed has delivered 23 jets out of 36 which were due this year and the company said they plan to deliver the remaining ones within due time.

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