Home / Contract Awards / South Korea to Partner with Lockheed on Fighter Jet Development

South Korea to Partner with Lockheed on Fighter Jet Development

lockheed martinSouth Korea is planning to buy Lockheed Martin (NYSE: LMT)-built F-35 fighters for nearly $7.1 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 Industries Ltd. is expected to win the contract and deliver the aircraft beginning in 2025, according to the report.

KAI and Lockheed Martin collaborated to develop the T-50 jet, which serves as South Korea’s light trainer and fighter, Reuters reports.

Check Also

KBR Subsidiary Lands Potential $128M NOAA Observation Network Mgmt Support IDIQ

KBR’s (NYSE: KBR) Stinger Ghaffarian Technologies subsidiary has secured a potential five-year, $128.4M contract to provide data processing and technical services for a National Oceanic and Atmospheric Administration network system used to process Earth observation data.

Raytheon Awarded Potential $353M Navy Contract for Rolling Airframe Missile Components

Raytheon (NYSE: RTN) has secured a potential $353.3M contract from the U.S. Navy to provide guided missile round packs and spare replacement parts for the Block 2 and 2A variants of the Rolling Airframe Missile system. The contract includes foreign military sales to Turkey, the United Arab Emirates, Saudi Arabia, Egypt and Germany, the Department of Defense said Monday.