NEW YORK (AP) -- Lockheed Martin is moving production of its joint light tactical vehicle to an assembly line at its Camden, AR, manufacturing plant, a move it says will help make the vehicle more affordable for the U.S. Army and Marine Corps.
Prototypes of the vehicles were made at BAE Systems' Sealy, TX, plant. BAE announced Tuesday that it plans to close the Sealy plant. Lockheed Martin said that BAE will still be a key partner on its joint light tactical vehicle team.
The Bethesda, MD-based defense contractor said that making the vehicles in Arkansas will lower costs and be more efficient.
Lockheed Martin Corp.'s stock fell $1.16 to $126.34 in afternoon trading.