Deliveries of F-35 jets could resume after exemption granted for Chinese alloy

Deliveries of Lockheed Martin Corp's (NYSE:LMT) F-35 jet may resume under a waiver allowing Chinese alloy to enter an engine part, the Pentagon said on Saturday.

In September, the Pentagon stopped accepting new F-35 jets after it discovered that a magnet in the stealth fighter jet's engine was made with unauthorized material from China. The waiver, signed by the Pentagon's chief weapons buyer William LaPlante on October 8, allows an alloy in the engine's oil pump that does not comply with US procurement laws. These laws prevent the jet from containing unauthorized Chinese content. Acceptance of the aircraft is necessary in the interests of national security, LaPlante said in a statement, adding that this decision is valid until the last aircraft under the contract is accepted, currently projected for October 2023. Pump supplier Honeywell International Inc (NASDAQ:HON) will work to find an alternative source for the metal and use it in future lubricant pumps. It is stated that the magnet does not transmit information or damage airplanes and that there is no safety risk. Lockheed Martin, which manufactures the jets, said the problem was "related to a magnet on the F-35 Turbomachine manufactured by Honeywell, which contains an alloy of cobalt and samarium." An alternative source for the alloy will be used in the future, the Joint Program Office said in a statement. There are other Chinese magnets on the jet that have received exemptions from Pentagon officials in the past. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!