IAI said the length of the contract is 10-15 years. Initial deliveries of wings will begin in 2015.
"This agreement represents an important milestone for IAI and ensures its involvement in the world's most advanced fighter aircraft," said Joseph Weiss, president and chief executive officer of IAI. "I welcome the strengthening relationship with Lockheed Martin, a leading manufacturer of aircraft."
Lockheed Martin and IAI recently started construction of a production line for F-35 JSF Lightning II wings following IAI's investment in required technologies and systems. The company produces wings for Lockheed's F-16s and T-38s used by the U.S. Air Force.
IAI is Israel's largest aerospace and defense company. It has headquarters at Tel Aviv's David Ben Gurion International Airport.