July 14 (Bloomberg) -- Lockheed Martin Corp., the world's biggest defense company, expects a decision on whether the U.S. will buy any more F-22 fighters or wind down the program to be delayed until after the coming presidential election.

``We're probably several months away, toward end of defense year, from notifying some long-lead providers of material as to whether there will be follow-on activities for the F-22,'' Chief Executive Officer Robert Stevens said at a press reception in London. ``Currently there are not.''

Stevens on March 4 called for discussions with the U.S. Congress and Department of Defense to determine whether more F- 22s are needed beyond the 183 due for delivery through 2011. The fighter, also called the Raptor, is the most expensive ever, with an inflation-adjusted cost of $195 million apiece according to Pentagon figures, rising to $354 million with development costs.

Bethesda, Maryland-based Lockheed supports U.S. Defense Secretary Robert Gates' position that a decision should be taken by next administration, the CEO said at last night's reception prior to the Farnborough International Air Show outside London.

``We don't expect this administration to make judgment about whether there are more F-22s,'' Stevens said. ``This will certainly be examined in great detail. I think it will be dependent on strategic need.''

Parts Supply

Lockheed will have to start making decisions about supplies and material for the F-22 later this year, Stevens said.

``Probably the most crucial material is titanium,'' company spokesman Rob Fuller said. Parts of the plane that will be affected later this year include bulkheads, horizontal stabilizers, radar and equipment for communication and navigation, Fuller said.

Lockheed expects the main U.S. government defense-spending budget proposal of $515 billion for 2009 to hold up, Stevens said. There may be more flexibility in the so-called supplemental spending plan that is associated with the U.S. military operations in Afghanistan and Iraq, he said. The average supplemental request over several years is about $170 billion to $180 billion, he said.

``We think the supplemental budget will show some flexibility,'' Stevens said.

The core U.S. military spending budget would rise 7.5 percent to $515 billion in fiscal 2009, the 11th consecutive increase, based on the funding request that President George W. Bush sent to Congress on Feb. 4.

Chicago-based Boeing Co., the second-largest U.S. defense contractor, also is expecting increased attention on defense spending after Bush leaves office.

``Any time you have a change in administration they're going to take a hard look at all the programs, and certainly the larger programs will come under scrutiny for sure,'' Jim Albaugh, the chief executive officer for Boeing's defense unit, told Bloomberg Television at the air show.

To contact the reporter on this story: Andrea Rothman in Farnborough, England, via aerothman@bloomberg.net.

Last Updated: July 14, 2008 08:47 EDT