Lockheed says it wants Japan to do more work on the F-35
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
A man looks at a model of Lockheed Martin's F-35 fighter jet during Japan Aerospace 2016 air show in Tokyo, Japan, october 12, 2016. REUTERS/Kim Kyung-Hoon
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
By Tim Kelly
TOKYO (Reuters) - Lockheed Martin Corp (NYSE: LMT) wants Japan to do more work on the F-35 program after earlier attempts to tempt Japanese companies such as Mitsubishi Heavy Industries <7011.T> with component supply contracts failed, a senior Lockheed executive said.
"There are industrial opportunities that are still available for Japan. The action is on their side of the ledger right now," Steve Over, director of international business development for the F-35 program, said in an interview at the Japan Aerospace 2016 show in Tokyo.
Japan has ordered 42 F-35 to replace its fleet of aging F-4s. Most of those will be put together by Mitsubishi Heavy at a final assembly and check out plant in Japan.
Japan's government and its companies declined to join the F-35 build at the start of the program as constraints on arms exports at the time meant they could not make components for defense equipment that would be used by foreign militaries.
Prime Minister Shinto Abe's government lifted that export ban in April 2014, but it was too late for Japanese industry to join the F-35 as top tier profit sharing partner. Subsequent talks for Mitsubishi Heavy to supply aft fuselage parts for BAE Systems Plc
Japan, Over said, could still do that fuselage work or bid for other contracts if it wants to.
"In our heart and soul we would like to have more opportunity in Japan."
Getting Japan more involved in the F-35 could bolster Lockheed's chance of selling more of the stealth fighters to Japan.
Japan's military is planning to retire around 100 older F-15 fighters in the coming years and will need a replacement jet.
(Reporting by Tim Kelly; Editing by Nick Macfie)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Lockheed Martin (LMT) CEO Tells Trump It's Close to Deal to Bring Down F-35 Costs
- Exclusive: Pratt's F135 engine chief, other employees leave after ethics issue - sources
- Armed with apps and crops, women lead battle to save Senegal's shrinking farmland
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!