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Air Force Awards Lockheed $1.1B F-16 Block 70 FMS Contract

The U.S. Air Force has awarded Lockheed Martin (NYSE: LMT) a potential $1.12 billion contract to build 16 F-16 Block 70 jets for Bahrain’s air force.

Lockheed will receive $551,027,050 in foreign military sales funds at the time of award and perform work at the company’s facilities in South Carolina and Texas through September 30, 2023, the Defense Department said Friday.

F-16 Block 70 will be equipped with an active electronically scanned array radar, a modernized cockpit, advanced avionics, engine and weapons, conformal fuel tanks and an automatic ground collision avoidance technology.

The company said Monday it expects F-16 production efforts to create as many as 200 new jobs in Greenville, S.C.

According to Lockheed, the project will support many engineering, procurement, sustainment, customer support and supplier jobs across the U.S.

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