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Tuesday, December 24, 2013

BAE wins $1bn South Korean fighter jet contract

F-16 Fighting FalconBAE has landed a contract potentially worth up to $1bn (£610m) to upgrade more than 130 of South Korea's F–16 fighters.

The FTSE 100–listed defence group will take on 300 staff at its US bases to complete the work, for which it yesterday finalised an agreement with the Southeast Asian nation after beating off competition from rivals including Lockheed Martin, which made the jets.

Historically, companies that made warplanes serviced and upgraded them, but reducing military spending has driven defence groups to seek business in new areas.

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