Monday, 6 August 2012

BAE Wins South Korea Fighter Jet Upgrade Deal

AE Systems PLC  has been selected by South Korea to upgrade the nation's aging fleet of KF-16 fighter jets, the U.K. company said Monday.
A person familiar with the situation said the deal was worth around $1.1 billion, with BAE as the major beneficiary.
"This is a strategic international win for us, significantly expanding our aircraft upgrade and modification business," said Dave Herr, president of BAE Systems Support Solutions. "We have extensive capabilities that span across BAE Systems, and I am confident that our team offers the best value to the customer."
BAE will carry out the upgrades at its facilities in Florida, Texas and in Georgia, the company said in a statement.

The deal is part of a series of high-value contracts--valued at around KRW14 trillion, a record for South Korean military defense spending--that are scheduled to be completed this year.
The largest purchase under consideration is for 60 next-generation fighter planes, estimated to cost around KRW8 trillion. Lockheed Martin's FX-35 is competing against a stealth version of Boeing Co.'s (>> The Boeing Company) F-13 and the Eurofighter Typhoon of European Aeronautic Defense and Space Co.Asian Defence News

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