The Boeing Company [NYSE: BA] and Lockheed Martin [NYSE: LMT] announced they will team to perform studies and system development efforts including collaborative research and development in pursuit of the anticipated U.S. Air Force Next Generation Bomber program.

This collaborative effort for a long-range strike program will include work in advanced sensors and future electronic warfare solutions including advancements in network enabled battle management, command and control, and virtual warfare simulation and experimentation.

"Boeing and Lockheed Martin are working closely at all levels to capture the best of industry to develop and provide an effective and affordable solution for the warfighter," said Darryl Davis, president of Boeing Advanced Systems. "The work performed by the Boeing/Lockheed Martin team is designed to help the Air Force establish capability-based roadmaps for technology maturation and date certain timelines for the Next Generation Bomber program."

Boeing and Lockheed Martin have formed teams for several high profile programs including the F-22 Raptor and Small Diameter Bomb Increment II.

"The combined technical strengths of Boeing and Lockheed Martin offer the best possible team to provide a new long range capability to the USAF by 2018," stated Frank Cappuccio, Lockheed Martin's executive vice president and general manager Advanced Development Programs (the Skunk Works®) and Strategic Planning.