Andrea's Feed
Oct 23, 2013

Exclusive – South Korea said nearing decision to buy F-35 fighters

WASHINGTON/SEOUL (Reuters) – South Korea is nearing a decision to buy some Lockheed Martin Corp (LMT.N: Quote, Profile, Research) F-35 fighter jets, but will likely keep its options open for a limited purchase of Boeing Co’s (BA.N: Quote, Profile, Research) F-15, sources familiar with the country’s fighter competition said on Wednesday.

South Korean officials could announce their plans as early as November to secure the funding needed to ensure initial deliveries of the F-35 in 2017, according to multiple sources who were not authorized to speak publicly. They cautioned that the decisions were not yet final, and an announcement could still be postponed if the decision-making process hits a snag.

Oct 22, 2013

Lockheed protests U.S. Navy’s radar contract award to Raytheon

WASHINGTON (Reuters) – Lockheed Martin Corp, the Pentagon’s top supplier and maker of the Aegis combat system, on Tuesday said it had filed a formal protest against the U.S. Navy’s decision to award a next-generation radar contract to Raytheon Co.

Lockheed spokesman Keith Little said the company decided to file a protest with the U.S. Government Accountability Office (GAO) because it did not believe the merits of its bid were properly considered during the Navy’s evaluation process.

Oct 22, 2013

Lockheed Q3 profit tops estimates; full-year outlook raised

WASHINGTON (Reuters) – Lockheed Martin Corp (LMT.N: Quote, Profile, Research, Stock Buzz), the No. 1 supplier to the Pentagon, reported higher third-quarter profit on Tuesday despite a 4 percent drop in sales, and lifted its forecast for full-year earnings, even as U.S. military spending is reduced.

Shares rose 3.5 percent in mid-morning trading.

Lockheed said mandatory budget cuts that took effect in fiscal 2013 would knock about $400 million to $450 million from full-year revenues, just over half of what the company first projected.

Oct 22, 2013

Boeing rotorcraft chief says prospects for foreign sales bright

WASHINGTON (Reuters) – The head of Boeing Co’s (BA.N: Quote, Profile, Research, Stock Buzz) rotorcraft unit said strong international demand would help limit the pain of a decline in U.S. military spending and that discussions with Japan about a possible purchase of V-22 tiltrotors had accelerated in recent months.

Japanese interest in the aircraft – which takes off and lands like a helicopter, but flies like a plane – has grown now that the U.S. Marine Corps has deployed the aircraft there for over a year. Public resistance to the V-22s on the island of Okinawa, which has a large U.S. military presence, has also diminished.

Oct 21, 2013

U.S. Army sees budget cuts affecting weapons programs

WASHINGTON (Reuters) – U.S. defense budget cuts will affect the Army’s plan to develop a new ground combat vehicle and most other acquisition programs, with some facing delays or cancellation, Army Secretary John McHugh said on Monday.

“I find it difficult to envision any significant number of our developmental initiatives that won’t be affected,” McHugh told reporters at the annual Association of the U.S. Army conference. “And some we’ll have to cancel.”

Oct 20, 2013

Insight: Budget cuts, barriers slow U.S. military space shakeup

WASHINGTON (Reuters) – The U.S. Air Force has talked for years about attracting more companies to the military satellite business to stir competition and cut costs. But progress has been halting at best.

Now, just as the U.S. military is finally revamping its approach, cuts in defense spending threaten to undermine even the modest progress that is being made.

Oct 20, 2013

Budget cuts, barriers slow U.S. military space shakeup

WASHINGTON, Oct 20 (Reuters) – The U.S. Air Force has talked
for years about attracting more companies to the military
satellite business to stir competition and cut costs. But
progress has been halting at best.

Now, just as the U.S. military is finally revamping its
approach, cuts in defense spending threaten to undermine even
the modest progress that is being made.

Oct 16, 2013

Lockheed to lay off 600 workers in mission systems, training

WASHINGTON (Reuters) – Lockheed Martin Corp, the largest U.S. defense contractor, on Wednesday became the latest weapons maker in recent months to announce layoffs, saying it would let go of 600 workers in its Mission Systems and Training Division later this month.

Lockheed spokesman Keith Little said the layoffs were not linked to the partial U.S. government shutdown, but reflected the increasingly challenging business environment.

Oct 16, 2013

Pentagon to review progress of F-35 fighter program next week

WASHINGTON, Oct 16 (Reuters) – Top Pentagon officials will
examine the cost of building and operating the Lockheed Martin
Corp F-35 fighter jet at a major review of the $392
billion program next week that will also provide updates on
lingering technical issues.

Kyra Hawn, spokeswoman for the Pentagon’s F-35 program
office, said a high-level Defense Acquisition Board meeting was
expected to proceed on Monday despite the partial government
shutdown. The meeting has already been postponed several times.

Oct 16, 2013

Pentagon F-35 review next week to examine operating costs

WASHINGTON (Reuters) – Top Pentagon officials will examine the cost of building and operating the Lockheed Martin Corp F-35 fighter jet at a major review of the $392 billion program next week that will also provide updates on lingering technical issues.

Kyra Hawn, spokeswoman for the Pentagon’s F-35 program office, said a high-level Defense Acquisition Board meeting was expected to proceed on Monday despite the partial government shutdown. The meeting has already been postponed several times.