Triumph, Lockheed Martin Strike Long-Term Deals For F-35 Components

Lockheed Martin Corporation (NYSE: LMT) selected Triumph Group Inc (NYSE: TGI) to supply key engine and structures components for the F-35 Lightning II aircraft. The companies stated that since the commencement of the year, Triumph's Precision Components (TPC) business unit received a number of contracts from the aircraft manufacturer.

Triumph said that the contracts would enable if provide engine mounts, bulkheads, longerons and wing ribs for the F-35 through 2021. According to the company, the new contracts marked the growing relationship between the two companies.

The company indicated that strong performance last year on similar statements of work led to the consideration of Triumph for the long-term agreements. Work that Triumph offered illustrated an array of machining solutions, as well as, higher-level assembly capability.

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Triumph Precision Components EVP Rick Rosenjack said, "Our ability to move quickly and satisfy delivery requirements enabled us to showcase one of Triumph's great strengths: delivering flexible, innovative solutions for our customers. The F-35 program has afforded us the opportunity to demonstrate that Triumph can compete on higher-level subassemblies."

The company indicated that the fresh contracts would add to its organic growth for the company. The company added that delivering on customer commitments, becoming predictably profitable, and driving organic growth are fundamental to its long-term strategy.

At time of writing, Triumph traded up 6.67 percent at $35.50, while Lockheed Martin was up 0.33 percent at $250.60.