BETHESDA (dpa-AFX) - Lockheed Martin Corp. (LMT), on Tuesday announced a collaboration with GM Defense to strengthen America's manufacturing and defense industrial base under a memorandum of understanding facilitated by the U.S. Department of War.
The companies will explore ways to speed up defense equipment production by combining Lockheed Martin's defense manufacturing expertise with General Motors' commercial manufacturing capabilities.
The company said that the partnership will focus on strengthening supply chains, improving manufacturing processes, and expanding production capacity.
The companies said the collaboration aims to boost production efficiency, improve supply chain resilience, and accelerate delivery of critical defense systems.
Lockheed Martin closed trading 1.05% higher at $535.95 on the New York Stock Exchange. In the overnight, the stock traded 0.16% lesser at $535.11.
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