The accord, which is for one year with a one-year option, is the largest agreement Lockheed has signed for a single supplier for the parts -- more than 22,000 electronic components for missiles, satellites, radar systems, tactical fighter aircraft and unmanned surveillance systems.
Lockheed said the agreement will improve delivery, standardize parts selection and increase efficiency in the procurement process.
"We are adapting our supply chain strategy to further improve program execution, drive affordability and assure quality performance," said Dan Pleshko, Lockheed Martin vice president of Global Supply Chain Operations.
"Arrow was selected in a competitive process, and we will use a similar approach to form strategic agreements for other categories of direct and indirect material."
Added said Michael J. Long, chairman, president and chief executive officer of Arrow Electronics: "The changes in the aerospace and defense industry are accelerating, and this agreement illustrates our value proposition.
"As a supply channel partner, we are fully committed to delivering optimal value to a breadth of Lockheed Martin's innovative and sophisticated solutions."
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