BUSINESS
By Bloomberg News | July 11, 2007
WASHINGTON -- The U.S. military's top weapons buyer has approved signing a three-year contract with Lockheed Martin Corp. and United Technologies Corp.'s Pratt & Whitney engine unit for 60 F-22A Raptor warplanes, engines and spare parts, a package worth as much as $10 billion. Approval of the three-year contract locks the military into purchases and minimizes chances that quantities would be cut in annual congressional budget deliberations. $65.2 billion program The Pentagon in 2005 capped the program at 183 aircraft.
BUSINESS
By COX NEWS SERVICE | April 2, 2005
ATLANTA - The Pentagon has approved rapid production of F/A-22 Raptor fighters, but that doesn't mean the Air Force will get all the planes it wants. A Pentagon panel known as a defense acquisition board approved full-rate production of stealthy, supersonic Raptors late last month, Loren Thompson, defense analyst at the Lexington Institute, said yesterday. That board's decision will allow Bethesda-based Lockheed Martin to accelerate construction of the planes in Marietta, Ga., where about 2,200 of the plant's 7,800 workers are tied to the Raptor program.
NEWS
By Tom Bowman and Tom Bowman,SUN NATIONAL STAFF | February 10, 2004
WASHINGTON - The White House budget office has asked the Pentagon to provide independent studies of the Air Force F/A-22 stealth warplane and the Army's Comanche armed reconnaissance helicopter, triggering concerns that both programs face extensive cutbacks. In December, as the White House was putting the finishing touches on a 2005 budget that fully funded both the F/A-22 Raptor and the Comanche programs for the year - at a total of about $6 billion - the Office of Management and Budget sent a memo to the Pentagon requesting the study.
BUSINESS
By BLOOMBERG NEWS | June 12, 2003
Bethesda-based Lockheed Martin Corp. has received 83 percent of its eligible bonus for a six-month period even as the Air Force was concluding that the F/A-22 fighter program would have an $876 million cost overrun, according to service records. Marvin Sambur, the Air Force's top acquisition official, said the formula for setting bonuses should be revised in light of the rising costs and delays in many service programs. Contractors should get high awards for exceptional performance and "feel the sting" if they fall short, he said.
BUSINESS
By BLOOMBERG NEWS | January 7, 2003
WASHINGTON - Production of Lockheed Martin Corp.'s F/A-22 jet fighter has been cut by about 15 percent to help pay for a potential development-cost overrun of as much as $1 billion, according to a U.S. Defense Department order. In his Dec. 30 directive, Pentagon Comptroller Dov S. Zakheim reduced the number of Raptors by 49, from 325 to 276. The Raptor program, which initially called for 750 aircraft, has been cut six times since 1991. The Pentagon has spent $26 billion of the $69 billion planned for the program.
BUSINESS
By BLOOMBERG NEWS | November 21, 2002
WASHINGTON -- The Air Force may further cut its order for the Lockheed Martin Corp.'s F/A-22 Raptor fighter to pay for a projected $690 million cost overrun in the program, the Pentagon's top acquisition official said yesterday. The projected overrun is about 3.3 percent of the program's $20 billion development phase and surprised senior Pentagon and Air Force officials, said Edward C. "Pete" Aldridge Jr., under secretary of defense for acquisition, technology and logistics. "It's $690 million of the taxpayers' funds that hit us at a point where we did not understand," Aldridge said.