Lockheed says it now expects to send over $450 million in accelerated payments to supply chain

By Marjorie Censer / April 9, 2020 at 2:19 PM

Lockheed Martin said today it has accelerated $156 million in supply chain payments over the last three weeks and now expects to flow down more than $450 million in accelerated payments as a result of the Pentagon's new progress payment policy.

In a statement, Marillyn Hewson, Lockheed's chief executive, said the company is also working with the Department of Health and Human Services to "provide air transport of government medical teams to the most critical, high-priority locations around the country."

"We offered our corporate jet fleet as an in-kind donation to the federal government's COVID-19 relief efforts," Hewson said.

She said Lockheed has allocated $6 million of the $10 million in charitable contributions it pledged for COVID-19 relief.

The company has given $2 million to Project HOPE to deliver personal protective equipment to the Federal Emergency Management Agency to distribute to doctors, nurses and first responders; $2 million to the American Red Cross; and $2 million to the CDC Foundation All of Us: Combat Coronavirus emergency response fund.

"We will continue to maintain our operations for our men and women in uniform and we are resolved to find additional ways to contribute to the relief and recovery from COVID-19," Hewson added.

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