South Korea plans to purchase 40 Lockheed Martin (NYSE: LMT) F-35 fighter jets under a deal that will go before committee led by the country’s defense minister for final approval, Reuters reported Friday.
Ju-Min Park and Joyce Lee write the decision comes nearly three months after South Korea chose to re-examine its purchase of 60 Boeing (NYSE: BA) fighter jets under a $7.81 billion tender.
The initial F-35 delivery to South Korea is scheduled for 2018, according to the report.
A South Korean defense ministry spokesman told Reuters the country plans to purchase 20 additional jets but is open to buying other models.
Those other planes could be delivered in 2023, Reuters reports.