Five U.S. senators, including two Democrats, two Republicans, and independent Sen. Bernie Sanders, are seeking a Department of Defense (DoD) investigation into allegations of price gouging by U.S. arms manufacturers. A CBS News “60 Minutes” report this week claimed systemic price gouging practices were used by major arms manufacturers such as Lockheed Martin, Boeing, and…
Bipartisan Senators Seek Pentagon Investigation Into Arms Makers Over Price Gouging Claims
May 26, 2023
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China Bans Imports, Exports of US Defense Contractors Over Sales to Taiwan
The Chinese Commerce Ministry said on April 18 that Beijing is banning the exports and imports of two U.S. defense contractors, Lockheed Martin and Raytheon Technologies, for supplying weapons to Taiwan. The ban is part of the sanctions imposed against Lockheed Martin and Raytheon Missiles & Defense—a subsidiary of Raytheon Technologies—in February “to prevent Chinese…
Navy Awards Billion-Dollar Contract to Lockheed Martin for Hypersonic Missiles
Lockheed Martin received a contract potentially worth more than $2 billion from the U.S. Navy to integrate hypersonic strike capability into surface ships. The contract involves integrating the conventional prompt strike (CPS) weapon system onto Zumwalt-class guided missile destroyers (DDGs). CPS is a hypersonic boost-glide weapon system enabling long-range missile flight at speeds exceeding Mach…
American Defense Contractors Keep Making Billions From Russia–Ukraine War
January 20, 2023
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Business & MarketsCompaniesdefense contractorsEuropeHIMARSLockheed MartinRaytheon Technologies CorpRussia ukraine conflictRussia-Ukraine WarUSUS NewsWorld
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Major American defense companies such as Raytheon and Lockheed Martin have benefited from Russia’s ongoing war in Ukraine, raking in billions of dollars’ worth of contracts to supply weapons as the United States continues to spend money in Ukraine and replenish its army. Lockheed manufactures high-tech defense systems that have played a major role in…
US Missiles Could Be Manufactured in Australia
October 18, 2022
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Australia could become integral to U.S. national security supply chains after it was announced that the pacific nation is looking to establish a domestic missile industry that would support the U.S. and Australian defence forces. At a press conference in Washington D.C, Australian Defence Industry Minister Pat Conroy told reporters that Australia had contracted two…
Pentagon Suspends Deliveries of F-35 Fighters After Finding Engine Part Came From China
September 8, 2022
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The Pentagon said on Sept 7 that it has halted deliveries of fifth-generation F-35 fighter jets after a component used in the plane’s engine was found to be sourced from China. U.S. Defense giant Lockheed Martin, the company making the F-35s, said the component is a magnet on the plane’s turbomachine pumps manufactured by U.S….
Pentagon and Lockheed Reach Deal to Build 375 F-35 Fighter Jets
WASHINGTON—The U.S. Department of Defense agreed with Lockheed Martin Corp to build about 375 F-35 fighter jets over three years, the two parties said on Monday, amid expectations the price of the most common version of the aircraft would increase due to inflation and slower production. “We are pleased to announce that the Department and…
Lockheed Delivers First Model of New Rocket Launcher to US Army
July 14, 2022
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Defense contractor Lockheed Martin Corp. said on Tuesday it had handed over the first model of its newest mobile rocket launcher to the U.S. Army. The United States and its allies have recently supplied weapons worth billions of dollars to Ukraine to help it repel an invasion by Russia, which Moscow claims is a “special…
Carlyle to Buy US Defense Contractor ManTech for $3.9 Billion
May 17, 2022
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ManTech International Corp on Monday agreed to a $3.93 billion all-cash deal with Carlyle Group Inc as the private equity firm strengthens its portfolio of U.S. defense contractors. Carlyle has offered $96 per ManTech share held, representing a 17% premium to the stock’s closing on Friday. The company’s shares were up about 15% in early…
Lockheed Martin to Double Javelin Missile Production to 4,000 per Year
American aerospace and defense giant Lockheed Martin Corp. has said it plans to nearly double its production of Javelin missiles in the next couple of years to help beef up U.S. supplies and aid to Ukraine. Lockheed Martin CEO James Taiclet announced the move in an interview on CBS’s “Face the Nation” on May 8. He said…
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