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)

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