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Lockheed wins $5.3 billion contract for C-130J aircraft

Posted by: Admin | Posted on: December 31st, 2015 | 0 Comments

U.S. weapons maker Lockheed Martin Corp said on Thursday it would deliver a total of 78 C-130J Super Hercules aircraft to the U.S. government as part of a multiyear contract, worth $5.3 billion.

The U.S. Department of Defense said on Wednesday that it had already awarded $1 billion in funding for the first 32 aircraft.

The company said it would deliver the planes between 2016 and 2020.

Lockheed said in October it had reached a verbal agreement with the U.S. Air Force for a five-year contract to build up to 83 C-130J transport planes for the Air Force, Coast Guard and Marine Corps.

The Super Hercules planes can touch down on austere landing zones – essentially makeshift runways – and are often used for humanitarian relief missions and special operations.

Lockheed has delivered 60 Super Hercules aircraft to the U.S. Air Force and U.S Marine Corps from 2003-2008 under a previous contract.

Lockheed shares were little changed at $218.10 in afternoon trading on Thursday. Up to Wednesday’s close, the stock had risen about 14 percent this year, compared with 4.3 percent rise in Dow Jones U.S. Aerospace Defense Index.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)

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