Lockheed Martin and Pentagon plan to build 850 F-35 jets
Lockheed Martin and the Pentagon just shook hands on a huge plan: they'll build 850 F-35 stealth fighter jets over the next 10 years.
This means the agreement aims to maintain annual production at 156 aircraft, keeping up with global demand and covering initial spares and modification kits.
The F-35 is a big deal for Lockheed: it's at the core of Lockheed's aeronautics division that forms close to 40% of its quarterly revenue.
Agreement to support 317,000 US jobs
This agreement isn't just about planes; it's expected to support 317,000 jobs across the US and add nearly $79 billion to the economy every year for 10 years.
Lockheed also hopes this steady production will help cut costs and smooth out supply chain headaches.
Next up: both sides need final approvals to lock in all the details.