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Lockheed Martin's Sikorsky Bags H-60 Black Hawk Helicopter Contract From US Army

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  • Lockheed Martin Corp (NYSE: LMT) company Sikorsky and the U.S. government have entered a five-year contract for a baseline of 120 H-60M Black Hawk helicopters, with options to reach a total of 255 aircraft to be delivered to the U.S. Army and Foreign Military Sales (FMS) customers.

  • The contract value for expected deliveries is approximately $2.3 billion, with a potential value of up to $4.4 billion if the options are exercised. Multi-Year X deliveries are scheduled to begin in July and continue through 2027.

  • The "Multi-Year X" contract for UH-60M Black Hawk and HH-60M MEDEVAC aircraft marks the 10th multiple-year contract for Sikorsky and the U.S. government for H-60 helicopters.

  • Lockheed Martin also announced that it had purchased group annuity contracts from Athene Holding Ltd., a subsidiary of Apollo Global Management Inc (NYSE: APO).

  • As per the contracts, Lockheed Martin will transfer ~$4.3 billion of its gross pension obligations and related plan assets for ~13,600 U.S. retirees and beneficiaries to Athene.

  • LMT expects to recognize a non-cash, non-operating settlement charge of ~$1.5 billion ($1.2 billion, or $4.50 per share, after-tax) in the second quarter of 2022, related to the accelerated recognition of actuarial losses for the affected plans, included in stockholders' equity.

  • Price Action: LMT shares are trading higher by 1.24% at $423.72 on the last check Tuesday.

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