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FORT WORTH, Texas, Sept 5 (Reuters) - Defense contractor Lockheed Martin Corp. (NYSE:LMT - news) on Wednesday said the U.S. government had granted approval for a 2 billion deal to supply Israel with 52 Lockheed F-16I fighter jets.Lockheed said Israel signed an amendment to a letter of offer and acceptance with the U.S. government. That followed an agreement with the company announced at the Paris Air Show in June.(Read photo caption below)
The agreement, which covers aircraft, logistics support and training, carries a total value of about 2 billion. Lockheed's portion is about 1.3 billion for only the aircraft, the company said.
The Defense Department set the sale in motion in the late 1990s, gaining congressional approval to sell up to 110 F-16C/D Block 50/52 aircraft to Israel, which possess the largest fleet of F-16s outside the United States.
The newest batch were in addition to the 50 F-16 aircraft ordered in January 2000 and were an option to that order, Lockheed said.
During late afternoon trading, Lockheed shares pared 35 cents to 39.75 on the New York Stock Exchange.
PHOTO CAPTION:
With an aerial arsenal already including an estimated 250 F-16s, Israel has the largest fleet of of the aircraft outside of the US. Egypt has the second-largest foreign F-16 fleet. "Israel's sixth acquisition of F-16s demonstrates their continued confidence in the F-16I to satisfy their future defence needs," Lockheed Martin president Dain Hancock said. The first planes from the earlier order are due to be delivered in 2003. The agreement covers aircraft, logistics support, training, and other services. The new planes will include a number of systems produced by local Israeli companies, Lockheed Martin said.
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Reuters - Section:
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