Lockheed Martin Accelerating Payments to Supply Chain
April 09 2020 - 3:15PM
Dow Jones News
By Michael Dabaie
Lockheed Martin Corp. said it has accelerated payments to its
supply chain amid the Covid-19 pandemic.
The company said it has, from the beginning of the Covid-19
crisis, worked closely with the U.S. Department of Defense to
identify ways to provide financial and other support to the most
vulnerable elements of the U.S. defense industrial base.
Lockheed said that for the last three weeks, it has accelerated
payments to its supply chain, with another $50 million this week
bringing its total to $156 million.
The company said it estimates it will be able to flow down more
than $450 million in accelerated payments to its supply chain
partners.
The company also said that working with the U.S. Department of
Health and Human Services, it will provide air transport of
government medical teams to the most critical, high-priority
locations around the country.
Lockheed shares were trading up 3% to $371.44 in afternoon
trading.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 09, 2020 15:00 ET (19:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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