ORLANDO, Fla., March 8, 2017 /PRNewswire/ -- The Defense Logistics Agency has named Lockheed Martin [NYSE: LMT] as the Industrial Product-Support Vendor (IPV) for the U.S. Air Force Generation III logistics program.

Lockheed Martin will continue to enable rapid replenishment of consumable parts to U.S. Air Force Air Logistics Complexes (ALC) at Hill Air Force Base, Utah, Tinker Air Force Base, Oklahoma, and Robins Air Force Base, Georgia, as part of the five year, $750 million contract.

"Our ability to integrate technology seamlessly helped us achieve a 99.78 percent bin fill rate with virtually zero quality issues," said Scott Martin, senior program manager of Lockheed Martin's U.S. Air Force IPV. "As the manufacturer of many U.S. Air Force platforms, we understand the cradle-to-grave lifecycle of a weapons system – from design and development to production and sustainment."

Lockheed Martin Global Supply Chain Services business has served as the Defense Logistics Agency and the U.S. Air Force IPV for the last 11 years, succeeding in improving material availability and driving down costs through reductions in inventory and increases in automation. Through integrating new technologies, Lockheed Martin will enable efficient, highly reliable forecasting and inventory management to improve part availability.

Under the previous IPV contract, Lockheed Martin assumed the responsibility for end-to-end supply chain management of more than 89,000 unique parts filling nearly a quarter million bins, making it the Defense Department's largest IPV contract.

"Our team takes great pride in supporting the critically important U.S. Air Force sustainment mission," said Laura Frank, vice president of Lockheed Martin's Enterprise Sustainment Solutions business. "A strong logistics infrastructure translates into more efficient, effective sustainment, ultimately getting aircraft back to the warfighter faster and at a lower cost."

For additional information, visit our website, www.lockheedmartin.com/us/products/global-supply-chain-services.html.  

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.