Greece Inks $280M Deal With Lockheed on F-16 Aircraft Modernization

Jeff Brody

Lockheed Martin (NYSE: LMT) has secured a $280M contract to modernize F-16 jets for the Greek air force’s as part of Greece's push to update the fighter aircraft fleet by 2027, DW News reported Saturday.

The Bethesda, Md.-based company plans to enlist a Greek subcontractor as part of the agreement that was  finalized last week.

Nikos Panagiotopoulos, Greek minister of national defense, informed the Hellenic Parliament that the project would involve updating 84 F-16s to the Viper variant over a seven-year period.

The total estimated cost of the modernization effort is $1.5B, the report noted.

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