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Friday, July 11, 2014

Lockheed, partners pledge to pump $170 million into F-35

F-35B Lightning IILockheed Martin and its corporate partners on the F-35 Joint Strike Fighter announced a new plan Thursday to reduce costs on the over-budget program even as the next-generation jet remained grounded on the eve of scheduled appearances at international airshows in Great Britain.

The companies pledged to spend $170 million through 2016 to help bring down the cost of the fighter jet from more than $100 million apiece to about $80 million by the end of the decade.

The upfront investment by Lockheed, Northrop Grumman and BAE Systems to pay for cost-reduction initiatives represents “a significant change in business approach within the F-35 program,” said Lt. Gen. Chris Bogdan, the Pentagon’s F-35 program manager.

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