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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.

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