LMT Jan 2025 540.000 call
- Associated Press Finance
Lockheed Martin subsidiaries reach $70 million settlement for claims they overcharged Navy for parts
Two Lockheed Martin subsidiaries have agreed to pay the federal government $70 million for overcharging the Navy for aircraft parts, the U.S. Department of Justice announced Friday. The federal agency says Sikorsky Support Services, based in Stratford, Connecticut, and Derco Aerospace, headquartered in Milwaukee, Wisconsin, knowingly entered into an improper subcontract for spare parts and materials for aircrafts used to train Navy pilots. Under the contract, Sikorsky purchased the parts from Derco at the cost Derco paid other suppliers, plus a 32% markup.
- Associated Press Finance
China sanctions several Lockheed Martin units, three executives over arms deals with Taiwan
China said Friday it has banned a number of business units of American aviation manufacturer Lockheed Martin Corp. and three of its executives over arms deals the company has signed with Taiwan, the self-ruling island it claims as its own territory. The statement from China’s Foreign Ministry said the company’s cooperation with Taiwan had violated the country’s sovereignty, standard terminology in its discussions of any outside dealings that support the island's government. The effects of the sanctions appeared largely symbolic since military cooperation between the U.S. and China has been suspended since the People’s Liberation Army’s crackdown on student-led pro-democracy protests in Beijing and other cities in 1989.
- Zacks
General Dynamics (GD) Wins $203M Contract for DDG 51 Combat Ships
General Dynamics (GD) is all set to provide planning yard services for DDG 51 guided-missile destroyer ships.
