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Lockheed Martin Awarded $1.2 billion to Modernize Republic of Korea F-16s

FORT WORTH, Texas, Nov. 21, 2016 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) was awarded a $1.2 billion contract to upgrade 134 F-16 aircraft for the Republic of Korea Air Force (ROKAF).

The upgrades are based on the advanced F-16V configuration. Among the enhancements are an Active Electronically Scanned Array (AESA) radar, a modern commercial off-the-shelf (COTS)-based avionics subsystem, a large-format, high-resolution center pedestal display and a high-volume and high-speed data bus.

"We truly appreciate the trust and confidence the Republic of Korea has placed in us with this contract," said Susan Ouzts, vice president of Lockheed Martin's F-16 program. "These upgrades are a critical piece of South Korea's national defense and highlight Lockheed Martin's commitment to the full lifecycle of the F-16, from production to through-life sustainment."

The contract for the ROKAF upgrade is a foreign military sales contract issued by the U.S. Air Force. As Original Equipment Manufacturer (OEM) and design authority of the F-16, Lockheed Martin is uniquely qualified to design, engineer, develop, integrate and sustain a complete F-16 weapons system solution tailored to customer requirements.

The F-16 Fighting Falcon is the world's most successful, combat-proven multi-role fighter with more than 4,570 F-16s delivered. The F-16 currently serves as the workhorse of the fighter fleet for 25 nations around the world.

For additional information, visit our website: lockheedmartin.com/f16

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 98,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

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SOURCE Lockheed Martin Aeronautics Company

For further information: John Losinger, +1 817-777-6148, john.r.losinger@lmco.com