Arkansas lawmakers on Wednesday approved an $87 million bond issue to allow Lockheed Martin to build joint light tactical vehicles for the Army and Marine Corps at its facility in Camden.
The Maryland-based defense contractor would only receive the incentive package if it wins a DOD contract, which is expected to be awarded this summer. The company is competing against Indiana-based AM General and Wisconsin-based Oshkosh Defense. The joint light tactical vehicle would replace the Humvee made by AM General.
With the incentive package, Lockheed has said it would create 589 jobs and retain 556 at its plant in southern Arkansas.
“It’s the best of the Legislature in action. They acted quickly and strongly,” Gov. Asa Hutchinson (R) said, reported the Star Tribune. “I think it sends a good message to the federal government that the state of Arkansas is really a good partner with Lockheed Martin.”
Arkansas’ incentive package would provide a $16.3 million net benefit to the state over a 25-year period after the bonds and interest are paid off, a consultant hired by the Legislature concluded.