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South Korea Taps Lockheed, Raytheon for Fighter Jet and Missile Programs

NavyRocketLockheed Martin (NYSE: LMT) and partner Korea Aerospace Industries have won a $7.88 billion contract to build a mid-level fighter jet for South Korea, Reuters reported Monday.

Joyce Lee writes the companies will jointly develop jets meant to replace the Asian ally’s F-4 and F-5 fighters by 2025 under the KF-X fighter jet program.

Indonesia will pay 20 percent of the program’s development costs, Reuters reports.

The Korean Defense Acquisition Program Administration also plans to modernize the nation’s Patriot missile system through a foreign military sales agreement with the United States, Lee reports.

Raytheon (NYSE: RTN) will upgrade the launch systems and Lockheed will build the PAC-3 missiles, according to the report.

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