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Lockheed Martin and its corporate partners on the F-35 Joint Strike Fighter announced a new plan Thursday to reduce costs on the over-budget program even as the next-generation jet remained grounded on the eve of scheduled appearances at international airshows in Great Britain.

The companies pledged to spend $170 million through 2016 to help bring down the cost of the fighter jet from more than $100 million apiece to about $80 million by the end of the decade.

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