President-elect Trump to meet with CEO's of Boeing and Lockheed Martin (LMT, BA)

Boeing, Lockheed Martin

WASHINGTON, DC — US President-elect Donald Trump will meet with defense contracting giants Boeing and Lockheed Martin on Wednesday, a transition official said, Reuters reports.

Boeing CEO Dennis Muilenburg and Lockheed Martin CEO Marillyn Hewson, whose companies both make products recently criticized by Trump, head the Pentagon's top defense contractors.

The cost for Boeing's Air Force contract to develop the next presidential fleet was described as "out of control" by Trump in a December 6 tweet, which earned earned 43,000 retweets and 143,000 likes.

On December 12, Trump said the cost for Lockheed Martin's fifth-generation stealth F-35 Lightning II jet was also "out of control." The message  which got over 16,000 retweets, sent defense giant Lockheed Martin's stock down from $251 at the opening bell to $245.50, before it rebounded to a little more than $253 a share.

The F-35, valued at an acquisition cost of $379 billion, has become one of the most challenged programs in the history of the Department of Defense. It has experienced setbacks that include faulty ejection seats, software delays, and helmet display issues.

"This program is not out of control," Lt. Gen. Chris Bogdan, head of the F-35 Joint Program Office, said during a December 19 briefing with reporters, just days after Trump tweeted criticism of the program.

"If given the opportunity I would like to try and explain to the new administration that this is a vastly different program from 2011," Bogdan said. "I'll just lay the facts out on the table and I'll let them make their own judgments because I don't think the program cost wise is out of control nor do I think that it's out of control schedule wise."

Trump and his transition team were not briefed by the F-35 Joint Program prior to the tweet.

 

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