BAE Systems Inc. will upgrade South Korea’s KF-16 fighter jet fleet in a potential $1.1 billion project, the Wall Street Journal reports.
The British contractor’s U.S. subsidiary will install new mission computers and operating systems in the planes, built in the 1980s and mostly versions of Lockheed Martin’s (NYSE: LMT) F-16.
Evan Ramstad reports South Korea’s Defense Acquisition and Procurement Agency will send an official notice to the U.S. government in August and an agreement is expected by the end of this year.
A BAE spokeswoman told Ramstad talks with the South Korean government are ongoing.
According to Ramstad, the KF-16 upgrade program is one of a series of contracts the country is planning to award this year, potentially totaling close to $12.4 billion.