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Lockheed Wins OK for 20 More Jets

From Bloomberg News

Lockheed Martin Corp. won approval from a Pentagon review panel to get a $3-billion contract to build 20 more production models of the F/A-22, the Air Force’s next combat jet, Defense Department officials said.

The Defense Acquisition Board said the Air Force can award the contract even though concerns about the reliability of the stealth warplane’s avionics software haven’t been settled, officials said.

The Air Force will be required to report back in three months before the Pentagon considers the next step for the program.

Lockheed Martin shares rose $1 to $47.25 on the NYSE.

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