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Technology Stocks : LOCKHEED MARTIN, (LMT)

LMT 487.94

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9:30 AM EST

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To: Lee Ring who wrote (620)	12/31/1999 10:45:00 AM
From: Craig Jacobs	of 732

(Includes details, background) By Charles Aldinger WASHINGTON, Dec 30 (Reuters) - Lockheed Martin Corp. <LMT.N> has been awarded three contracts totaling $1.6 billion to produce six test models of the F-22 fighter jet and begin early work on 10 planned production jets, the U.S. Air Force said on Thursday. The three contracts are another step in a cautious approach by Congress and the Pentagon in a planned program to buy as many as 339 of the radar-avoiding stealth jets for the Air Force in the coming decades at a cost of about $65 billion. Two F-22 test jets have already been delivered by Lockheed and are being put through their paces by the Air Force. The Air Force said on Thursday that Lockheed, chief contractor on the program, had been awarded $1.2 billion to produce six "Production Representative" test models of the F-22 by 2002. Under orders from Congress, those six aircraft must meet stringent test hurdles before regular production could begin in the program. The Air Force also said it was awarding Lockheed $275.4 million to begin advanced procurement of parts for 10 regular production models and another $115.1 million to the firm for labor costs on the program next year, bringing the total of the three contracts to $1.6 billion. The Pentagon has already spent nearly $21 billion on F-22 research and development into what would become the most expensive fighter program ever. But Congress has questioned early cost overruns in the program and has demanded that the jet, designed to provide a long-range U.S. "stealth" fighter for the 21st century, prove itself before giving the approval to fund full production. Some lawmakers are also questioning the U.S. military's need for three modern fighter jet programs now under way or being planned by the Pentagon at an expected cost of more than $350 billion. The Navy and Marine Corps are buying advanced F-18E/F fighters built by Boeing Co <BA.N>. and the Air Force and Navy aremaking plans for a revolutionary Joint Strike Fighter jet shared by the two services. REUTERS Rtr 18:18 12-30-99 //Begin Meta Data// Selector Code: reutr

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