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Wednesday, February 22, 2012

F-35 Falls Short on Goals Costing Lockheed $32 Million From U.S.

F-35 Lightning IILockheed Martin Corp. lost $31.5 million of a possible $52.5 million in U.S. payments last year because its F-35 fighter failed to meet three milestones, according to Pentagon data.

Lockheed, the world's largest defense contractor, had an opportunity to earn as much as $10.5 million for each of five performance goals set for the fighter. It successfully completed two, Joseph DellaVedova, the Pentagon's spokesman for the F-35 program, said in an e-mail.

The forfeited $31.5 million marked the second consecutive year of reduced fees after Defense Secretary Robert Gates tightened payment criteria for the F-35, the Pentagon's most costly weapons program, in February 2010.

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