South Korea to Partner with Lockheed on Fighter Jet Development

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South Korea is planning to buy Lockheed Martin (NYSE: LMT)-built F-35 fighters for nearly .1 billion, Reuters reported Friday. Joyce Lee writes the acquisition proposal for 40 F-35 jets is set to complete in the third quarter of 2014. South Korea’s Joint Chiefs of Staff are also pushing for an estimated $8.24 billion program to develop twin-engine fighter jets, Reuters reports. Korea Aerospace...

Chris Bogdan: F-35 Industry Partners to Make ‘Upfront Investment’ Under Cost Reduction Deal

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Lockheed Martin (NYSE: LMT) and its two primary industry partners in the F-35 program have signed an agreement with the Defense Department to develop strategies aimed at reducing F-35′s production costs. The Blueprint for Affordability deal aims to bring the “fifth-generation” fighter aircraft program at a “fourth-generation” price point by the end of the decade, Lockheed...

Lockheed Expecting New USAF Contract for F-35 Jets; Orlando Carvalho Comments

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Lockheed Martin (NYSE: LMT) is set to secure a deal to provide the U.S. government with 43 additional F-35 fighter aircraft, but with less price reductions compared to previous orders, Reuters reported Monday. Andrea Shalal reports a U.S. Air Force contract with Lockheed is expected before the end of June, according to Orlando Carvalho, the company’s aeronautics division executive vice president. Carvalho...

Reuters: Canada Close to Lockheed F-35 Purchase Decision

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Canadian officials will soon decide on whether to go ahead with its .22 billion order of F-35 fighter jets to replace its aging fleet of CF-18s, Reuters reported Thursday. Andrea Shalal writes authorities revisited the initial decision to purchase 65 of the jets from Lockheed Martin (NYSE: LMT) following calls from different quarters for an independent review of the sole-sourcing process. According...

State Dept OKs $534M Raytheon-Built Sidewinder Missile Sale to Australia

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State Dept. photo The State Department has approved a potential million foreign military sale of Raytheon-built (NYSE: ATK) Sidewinder missiles and related equipment to Australia. Australia plans to install the missiles on its fleets of F/A-18 and F-35 fighter jets and also intends to bolster its ability to partner with coalition forces in air defense operations and joint exercises, the Defense Security...

Australia to Buy 58 Lockheed F-35 Jets for $12B

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Australia will purchase 58 Lockheed Martin (NYSE: LMT) F-35 fighter jets for nearly .64 billion in addition to the 14 planes the country ordered in 2009, Reuters reported Wednesday. Matt Siegal and Andrea Shalal report that Australia intends to give its air force enough jets to create three operational squadrons and one training squadron through the new order. Prime Minister Tony Abbott said at a news...

Lockheed Awarded $700M for US, Int’l F-35 Parts

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Lockheed Martin (NYSE: LMT) has been awarded a $698,032,385 U.S. Navy contract to gather parts, materials and components for 57 F-35 fighter jets that are being acquired by the U.S. and five international partners. The fixed-price-incentive, firm target, advanced acquisition contract covers work on low rate initial production lot 9 through May 2015 and the full funding amount is being obligated at...

Orlando Carvalho: South Korea, US Could Ink Finalized F-35 Agreement This Year

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South Korea has decided to acquire Lockheed Martin-built (NYSE: LMT) F-35 fighter jets through a foreign military sales process with the U.S. The South Korean government evaluated and selected the F-35 Lightning II aircraft under that country’s F-X fighter acquisition program, Lockheed said Monday. Orlando Carvalho, Lockheed executive vice president of aeronautics, said the company expects South...

Report: Mitsubishi Heavy, BAE Discuss F-35 Parts Deal

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Japan-based Mitsubishi Heavy Industries is negotiating with BAE Systems the terms of a potential contract, where Mitsubishi Heavy would supply components for Lockheed Martin‘s (NYSE: LMT) F-35 aircraft, Reuters reported Monday. Tim Kelly writes the progress of that agreement depends on the decision of Japan’s government on whether to subsidize production of parts for the F-35’s rear fuselage. BAE...

Singapore to Upgrade F-16 Fighter Planes in $2.4B U.S. Arms Deal

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Singapore plans to modernize its fleet of F-16 jets under a .43 billion foreign military sales agreement with the U.S., Agence France-Presse reported Tuesday. Singapore will purchase new radars, navigation systems, missiles and other components for the F-16 fighter fleet, according to the report. The arms deal also covers precision-guided bombs and a new helmet-installed display technology for pilots...