Lockheed Martin to acquire $1 billion in Air Force aircraft parts parts manufacturing company

Lockheed Martin will acquire $734 million in Air Guard aircraft parts manufacturing equipment and services from Raytheon, Lockheed Martin said in a filing with the Securities and Exchange Commission.

Lockheed Martin, a joint venture of Lockheed Martin and Boeing, will acquire the Air Force’s Pratt & Whitney F-35A aircraft engines, the aircraft’s flight controls, and a wide variety of aircraft and subsystems, including engines, avionics, software, fuel cells, electrical systems, sensors, communications, navigation, avionic systems, communications and control systems, avion electronics, and sensors, Lockheed said in the filing.

Raytheons aircraft engines will be transferred to Lockheed Martin.

Lockheed’s aerospace operations division, Aerospace Defense and Space, will also continue to provide support for Raytheonic aircraft parts, Lockheed’s filing said.

RayTheon was founded in 1984 by John Lear and Richard Stallman and was sold to General Dynamics in 2011 for $500 million.

Lockheed has been building and marketing its own planes since 2005.

Ray’s acquisition will help build and support its Air Force-owned production line and the Air Guard’s aircraft parts supply chain, the filing said, adding that Lockheed Martin would also “facilitate a new joint venture that will further enhance its support of the Air National Guard.”

Lockheed’s Air Guard operations division is responsible for the production and logistics of military aircraft parts for the Air, Space, and Naval Warfare Systems Command, the Air Mobility Command, and the Joint Chiefs of Staff, according to the company.

The Air Guard will receive about $1.5 billion in Raytheonics aircraft engine parts and services.

Lockheed said the acquisition will add more than 1,300 jobs at the facility and bring more than $8 billion to the US economy.