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Lockheed awarded contract
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October 26, 2001: 4:58 p.m. ET
Defense Department taps Lockheed-Martin for $200B Joint Strike Fighter contract.
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NEW YORK (CNNmoney) - The U.S. Department of Defense Friday awarded Lockheed-Martin Corp. a contract that could be worth upwards of $200 billion to build its new radar-evading Joint Strike Fighter.
Lockheed, the nation's No. 1 defense contractor, beat out rival Boeing Corp. for the long-coveted deal which is the largest in U.S. military history.
"The Lockheed Martin team is the winner on a best value basis," said Jim Roche, Secretary of the Air Force who announced the contract award along with Undersecretary of Defense Pete Aldridge.
Officials made the announcement at a press conference at the Pentagon near Washington, D.C. Friday.
Aldridge said conditions of the contract do not require Lockheed-Martin (LMT: Research, Estimates) to share any of the work with Boeing (BA: Research, Estimates) , but added that the government would not stop them from doing so.
"While the Boeing team was not selected, they did an excellent job in the process," Aldridge said. "If Lockheed-Martin wishes to use the unique talents of Boeing they may do so."
The Joint Strike Fighter is intended to replace the nation's aging fleet of fighter aircraft including the A-10 and the FA-18. The plane is expected to be the government's primary fighter aircraft beginning in 2008 through 2040, Aldridge said. 
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