During a visit to Derco, a Lockheed Martin company (NYSE: LMT), President Donald J. Trump announced more work is coming to Milwaukee. Derco will provide parts warehousing and distribution sustainment for the F-35 Lightning II, supporting the U.S. Air Force, Marine Corps, Navy and allies around the world.
"From here in Milwaukee, you are supporting magnificent aircraft, and soon you'll support the unstoppable, stealth F-35 Lightning II," said President Trump. "I am thrilled to be back in the great state of Wisconsin with the extraordinary men and women of Derco. We are here today to celebrate the triumphant return of American manufacturing, and everything we are doing to keep the assembly lines rolling."
Derco is growing its workforce by 15 percent by the end of the year. Because of its culture and skilled workforce, Derco has been named one of the Top Workplaces in Milwaukee for the past four years. Approximately 20 percent of Derco employees are veterans.
Derco initially will support the management and delivery of 1,500 different F-35 parts to locations around the globe. This increased work will create more skilled jobs for repair technicians, operations personnel and supply chain management experts.
The F-35 is the most advanced, survivable and connected fighter jet. The United States' program of record is for 2,456 aircraft, and Lockheed Martin is set to deliver 1,000 more to allied nations.
To support the growing business, Derco is investing in its facility and is breaking ground to expand the campus. Derco is also looking to add to its 1,200 suppliers to develop repair capabilities for the F-35 in Milwaukee. Currently, the F-35 provides $1.2 million in economic impact across the supply chain in Wisconsin.
Source: Lockheed Martin Corporation (NYSE: LMT)
Date: Jul 13, 2019