Lockheed to Modernize South Korea F-16s Under $1.2B USAF Foreign Sales Deal

F16FleetThe U.S. Air Force has awarded Lockheed Martin (NYSE: LMT) a potential nine-year, $1.20 billion contract to support modernization of South Korea’s fleet of F-16 Fighting Falcon jets.

Lockheed will perform the F-16 upgrades as part of a foreign military sales agreement between the governments of the U.S. and South Korea, the Defense Department said Friday.

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The Air Force Life Cycle Management Center is the contracting activity for the fixed-price-incentive-fee contract and work will occur at a company facility in Fort Worth, Texas through Nov. 15, 2025.

Lockheed’s new F-16V configuration is designed to feature an active electronically scanned array radar, a commercial off-the-shelf avionics subsystem, a large-format display technology and a high-speed data bus.

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