Lockheed Martin Receives $344 Million in Ongoing Funding for C-5 Modernization Program.

MARIETTA, Ga. (PRNewswire via COMTEX): Lockheed Martin (NYSE: (LMT)) has received ongoing funding through a recently issued Acquisition Decision Memorandum (ADM) that authorizes Low Rate Initial Production (LRIP) associated with the C-5 Super Galaxy Reliability Enhancement and Re-Engining Program (RERP).

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“This funding enables us to continue to partner with the U.S. Air Force to produce enhanced C-5M Super Galaxy aircraft to support the warfighter for decades to come,” said Lorraine Martin, Lockheed Martin C-5 program vice president. “The C-5M Super Galaxy is redefining strategic airlift and delivers unparalleled support to all U.S. armed forces.”

The $344.3 million funding supports LRIP RERP production for 15 aircraft, including installation on three aircraft, material and fabrication for five aircraft, and long-lead funding for seven aircraft. Production of the C-5M Super Galaxy began in August 2009, when the first aircraft was inducted into the production program. This aircraft is slated for delivery to the USAF in September 2010. Three C-5Ms have already been delivered to the USAF and current USAF plans call for 52 fully-modernized C-5Ms by 2016.

The C-5M is the product of a two-phase modernization effort. The first, the ongoing Avionics Modernization Program (AMP), provides a state-of-the-art glass cockpit with modern avionics and flight instruments. The RERP is the second phase of the C-5 modernization effort. It includes 70 enhancements or replacements of major components and subsystems, including the installation of GE CF6-80C2 commercial engines. Modernization of the C-5 pays for itself through savings in operation and sustainment costs.

The C-5 has been the backbone of strategic airlift in every engagement since it entered service. It is the only aircraft capable of carrying 100 percent of certified air-transportable cargo, with a dedicated passenger compartment enabling commanders to have troops and their equipment arrive in an area of operation simultaneously. The C-5 can carry twice the cargo of other strategic airlift systems. With more than 70 percent of its structural service life remaining, the C-5M Super Galaxy will be a force multiplier through 2040.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.