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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.

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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