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https://finance.yahoo.com/news/lockheed-martin-sell-23-billion-120700877.html
Military contractor Lockheed Martin (NYSE: LMT) is in the business of building fighter jets -- and business is booming. In a pair of Earth-shaking announcements last week, the U.S. Defense Security Cooperation Agency (DSCA) informed Congress of a plan to sell a combined $31.6 billion in new weapons sales to Greece and Turkey.
But the biggest of these deals is for Turkey.
That's the stage we're at in this process right now.
Absent a refusal by Congress, therefore, Lockheed Martin will be named the "principal contactor" on a deal to sell Turkey 40 brand-new F-16 fighter jets. It will also upgrade 79 F-16s that Turkey already owns to a new F-16V (for "Viper") configuration.
Adjacent to this work, Lockheed will coordinate the delivery of some 48 F110-GE-129D engines from General Electric (NYSE: GE), along with radars, navigation systems, missile launchers, and auto-cannons -- and more than 3,000 assorted bombs, missiles, and "smart bomb" guidance kits from a whole series of other U.S. defense contractors.
Total cost for all this hardware: $23 billion.
Greece also wants to "modernize its air force." So simultaneous with the Turkey announcement, DSCA advised Congress of a corresponding deal to arm Turkish neighbor Greece with 40 new F-35 Lightning II stealth fighter jets. Here, Lockheed Martin will share the principal contractor role with fellow defense contracting....
Military contractor Lockheed Martin (NYSE: LMT) is in the business of building fighter jets -- and business is booming. In a pair of Earth-shaking announcements last week, the U.S. Defense Security Cooperation Agency (DSCA) informed Congress of a plan to sell a combined $31.6 billion in new weapons sales to Greece and Turkey.
But the biggest of these deals is for Turkey.
Why is Turkey buying 40 new F-16 fighter jets?
As you may already know, DSCA is the Pentagon department responsible for coordinating sensitive weapons sales between U.S. defense contractors and foreign governments. Turkey says it wants these new fighter jets to "expand and modernize" its air force, which currently comprises primarily older F-16C Falcon and F-4E Phantom fighter jets. Before this sale can go through, though, the U.S. State Department must sign off on the deal as supporting "the foreign policy goals and national security of the United States" and unlikely to "alter the basic military balance in the region" -- in this case, southern Europe -- and Congress must either approve or reject the sale.That's the stage we're at in this process right now.
Absent a refusal by Congress, therefore, Lockheed Martin will be named the "principal contactor" on a deal to sell Turkey 40 brand-new F-16 fighter jets. It will also upgrade 79 F-16s that Turkey already owns to a new F-16V (for "Viper") configuration.
Adjacent to this work, Lockheed will coordinate the delivery of some 48 F110-GE-129D engines from General Electric (NYSE: GE), along with radars, navigation systems, missile launchers, and auto-cannons -- and more than 3,000 assorted bombs, missiles, and "smart bomb" guidance kits from a whole series of other U.S. defense contractors.
Total cost for all this hardware: $23 billion.
Why is Greece buying 40 new F-35 fighter jets?
And that's not all.Greece also wants to "modernize its air force." So simultaneous with the Turkey announcement, DSCA advised Congress of a corresponding deal to arm Turkish neighbor Greece with 40 new F-35 Lightning II stealth fighter jets. Here, Lockheed Martin will share the principal contractor role with fellow defense contracting....
