Alcoa Signs $1.1 Billion Contract With Lockheed Martin

Alcoa Inc. said in a statement that it has agreed to supply titanium to Lockheed Martin Corp. for its F-35 Lightning II aircraft program, a contract worth an estimated $1.1 billion given projected build rates. Under the agreement, Alcoa will be the titanium supplier for all three variants of the F-35 fighter aircrafts between 2016 and 2024. It already supplies components for the F-35, including aluminum bulkheads and die forgings. Alcoa stock is down 30.9% for the year so far. Lockheed Martin stock is up 11% for the same period. The S&P is down 3% for the year to date.