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02:28 AM, November 19, 2016
Lockheed Martin Wins $1.2 Billion South Korean F-16 Upgrade Contract
South Korea F-16 fighter jet

Lockheed Martin has been awarded a $1.2 billion contract to upgrade F-16 aircraft for the Republic of Korea.

Work is expected to be complete by Nov. 15, 2025. This contract is 100 percent foreign military sales to the Republic of Korea, the US department of defense said in a release Saturday.

This award is the result of a sole-source acquisition. Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, Ohio, is the contracting activity.

The project, which was originally contracted to BAE Systems in 2012, was put on hold after the company sought additional funds.

South Korea has also replaced Raytheon with Northrop Grumman to supply active electronically scanned radar (AESA) for the fighter jet.

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