Lockheed, Pratt to Pay $283 Million in F-35 Cost Overruns
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Lockheed Martin Corp. and United Technologies Corp. will pay as much as $283 million to defray about one-third of a $918 million cost overrun on the first 28 U.S. F-35 fighters, the Pentagon’s program office said today.
The government will cover the remaining $635 million, Vice Admiral David Venlet, the program manager, said in an e-mailed statement. In addition, the Pentagon needs to spend $136 million to make improvements to the aircraft that are not considered part of the contract overrun, he said.