Pentagon OKs Lockheed's development plan

Published: Jun 02, 2005
Source: www.reuters.com



WASHINGTON (Reuters) - The Pentagon's chief weapons buyer formally has approved Lockheed Martin Corp. (LMT.N: Quote, Profile, Research) revamped development plans for the $200 billion-plus F-35 Joint Strike Fighter, the biggest U.S. weapons acquisition program, the Defense Department announced Wednesday.

After a high-ranking Pentagon purchasing panel's review, Undersecretary of Defense Michael Wynne also approved an updated acquisition plan, the announcement said, without giving details.

The revised plan entails stretching out development efforts 16 to 22 months, adding $11.7 billion in costs and cutting the number of aircraft the Defense Department will buy, said Christopher Bolkcom, the top military aviation analyst at the nonpartisan Congressional Research Service.

"This puts the program on a firmer footing than before," he said. Wynne formally signed off on the new timetable on Tuesday, a statement released by the Pentagon showed.continue..