BETHESDA, Md., Nov. 3, 2014 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) and the U.S. Air Force Sustainment Center recently signed a partnership agreement that establishes a common framework and pre-negotiated terms and conditions for long-term partnership work efforts, thereby improving efficiency and readiness to support operations.

With this public-private agreement, Lockheed Martin is enabled to immediately execute specific implementation agreements with the Air Force Sustainment Center (AFSC) and their Air Logistics Complexes (ALCs), reducing costs and allowing for faster implementation of agreements.

"This partnership ties directly into our Cost Effective Readiness initiatives," said. Lt. Gen. Bruce Litchfield, Air Force Sustainment Center Commander. "As we continue to make internal improvements to the way we do business, the next logical step is to develop robust partnerships with industry. We view these partnerships as an opportunity to capitalize on the strengths of our organic enterprise and the defense industry's capabilities. Together we can find win-win solutions that deliver more Air Force readiness at less cost."

Building on Lockheed Martin's expertise delivering relevant capability to Air Force depots since 1992, the agreement improves contract negotiation with a standard partnering process.

"This partnership agreement matures Lockheed Martin's relationship with the AFSC by providing a consistent framework across all ALCs with pre-negotiated terms and conditions," said Lou Kratz, vice president, Logistics and Sustainment at Lockheed Martin. "This allows us to implement specific work agreements rapidly and efficiently, drawing upon our complementary skills to effectively support our warfighters.

With its headquarters at Tinker Air Force Base, Oklahoma, the Air Force Sustainment Center is one of five specialized centers assigned to the Air Force Materiel Command. Its mission is to sustain weapon system readiness to generate airpower for America.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 113,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2013 were $45.4 billion.

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SOURCE Lockheed Martin