Pentagon inks 10-year deal with Lockheed for hundreds of F35 Lightning II jets

The Pentagon and Lockheed Martin finalized an initial agreement to produce at least 850 F-35 Lighting II fighter jets over the next 10 years, the Department of War announced Thursday. 

Lockheed will put forth at least $7 billion of its own funding, under the agreement, for "initiatives that support the F-35 Program," according to a Pentagon announcement. 

"We have fundamentally changed how we stabilize the American defense industrial base to produce at speed and scale. This agreement with Lockheed Martin proves it. By aligning financial incentives with actual performance, we are ensuring our warfighters are equipped with the lethal capabilities they need to fight and win," Under Secretary of War Michael P. Duffey, said in a statement. 

In addition to producing the jets, Lockheed will procure initial spare parts and modification kits, and sustain the global F-35 fleet, under the agreement. The announcement didn't provide figures for the cost of the individual jets. 

In 2017, during his first administration, President Donald Trump pushed Lockheed to lower the cost of each F35, which the company agreed to do, The Hill reported.