Lockheed Lands F-35 Jet Fighter Deal With South Korea

Law360, New York (March 24, 2014, 3:48 PM EDT) -- Lockheed Martin Corp. said Monday the Republic of South Korea has formally announced its decision to purchase Lockheed’s F-35 Lightning II aircraft as part of the country’s F-X fighter acquisition program.

The announcement comes after January reports said South Korea would sign a 7.4 trillion won ($6.9 billion) deal to purchase 40 F-35 jets from Lockheed to replace its aging fighter fleet. The deal is expected close some time in the third quarter of 2014 with procurement set to begin in 2018.

“We are honored by...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.