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Michael Fallon: UK Wants DoD to Finalize Procurement Deal for Lockheed“™s F-35s

Michael Fallon: UK Wants DoD to Finalize Procurement Deal for Lockheed“™s F-35s - top government contractors - best government contracting event
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F-35Michael Fallon, U.K. defense minister, has said the U.K. has called on the U.S. Defense Department to finalize and approve the former country“™s request to procure 138 Lockheed Martin-built F-35 aircraft under two contracts worth approximately $15 billion, Bloomberg reported Thursday.

Anthony Capaccio writes the contracts include the potential sale of nine Lockheed“™s F-35B short-takeoff and vertical-landing aircraft to the U.K. government.

“We need to get on with that particular purchase,“ Fallon told reporters at the U.K. Embassy in Washington Wednesday

“We“™re the ones who need the aircraft,“ he added.

Lockheed told Bloomberg the company is in talks with DoD over the terms of the ninth and 10th contract to develop the additional 149 fighter jets and that it has insufficient funds to support the production process.

The company added it has a termination liability exposure worth approximately $3 billion and potential cash exposure of $900 million related to the two contracts, according to the report.

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Written by Jane Edwards

is a staff writer at Executive Mosaic, where she writes for ExecutiveBiz about IT modernization, cybersecurity, space procurement and industry leaders’ perspectives on government technology trends.

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