Senator Elizabeth Warren criticized Lockheed Martin and defense contractors during a Senate Armed Services Committee hearing. Warren cited excessive equipment repair costs.
A navigational knob for Lockheed’s Sikorsky Black Hawk helicopter costs the military thousands of dollars. The part costs approximately $15 to replace. Restrictive repair contracts drive these costs.
Warren advocates for a military "right to repair" law. This legislation allows service members to perform basic maintenance. The Army Secretary testified that contractor reliance unnecessarily grounds aircraft. Internal repairs could save billions over time.
Lockheed Martin stock traded lower during the May 13 premarket session.