02:14 PM EDT, 08/30/2024 (MT Newswires) -- Lockheed Martin ( LMT ) is no longer bidding in the UK's New Medium Helicopter program, joining Airbus which has also reportedly withdrawn from the race, the company confirmed to MT Newswires Friday.

A spokesperson for Lockheed Martin ( LMT ) said the company had opted to not submit a response because it could not meet the program's minimum requirements in "today's market conditions."

Lockheed Martin ( LMT ) and Airbus' withdrawal reportedly leaves Leonardo UK as the sole bidder for the UK's 1 billion pound ($1.31 billion) program to modernize its helicopter fleet.

Airbus did not immediately respond to a request for comment from MT Newswires.

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