DoD OKs low-rate production for F-35 fighter

Published: Apr 08, 2006
Source: www.marketwatch.com



WASHINGTON (MarketWatch) -- The U.S. Defense Department said Friday the F-35 Joint Strike Fighter, made by Lockheed Martin Corp. (LMT), has been approved for a first round of limited production.

The Pentagon said chief weapons buyer, Under Secretary of Defense for Acquisition, Technology and Logistics Ken Krieg, signed off on the plan Thursday. The move allows the fighter program to start contracting equipment for five Air Force-configured planes.

The Joint Strike Fighter is the largest defense spending program ever, with total costs estimated at $256 billion. New cost estimates are expected later Friday, when the Pentagon issues its twice-yearly acquisition cost assessments.

The U.S. leads the F-35 effort, which also includes the U.K. and other nations. The plane will come in three forms - a conventional, Air Force-style model; an aircraft carrier model; and a short-takeoff, vertical landing model - and is intended to replace thousands of aging combat aircraft around the world.continue..