Lockheed Martin announces $28B collaboration with Saudi Arabia
May 20, 2017 3:40 PM ETLockheed Martin Corporation (LMT)By: SA Eli Hoffmann, SA News Editor46 Comments
- Saudi Arabia has expressed its intent to procure more than $28B worth of Lockheed Martin (LMT) integrated air and missile defense, combat ship, tactical aircraft and rotary wing technologies and programs.
- The announcement includes:
- Letters of Offer and Acceptance and a Memorandum of Intent covering government-to-government sales of Lockheed Martin programs to include integrated error and missile defense systems, multi-mission surface combatant ships, radar systems, surveillance systems, tactical aircraft and rotary wing programs.
- A Letter of Intent, between Lockheed Martin and Taqnia, to form a joint venture to support final assembly and completion of an estimated 150 S-70 Black Hawk utility helicopters for the Saudi government. The program supports work for more than 450 U.S. jobs including in Connecticut at Sikorsky and throughout the U. S. supply chain and also supports KSA's Vision 2030 by creating an additional 450 jobs in the Kingdom, developing local capabilities through technology and skills transfer, thus enhancing the U.S.-Saudi global security partnership.
- A Memorandum of Understanding between Lockheed Martin and Saudi Arabian Military Industries for the parties to work together to build defense capabilities in the KSA to support Vision 2030 and provide for localization efforts associated with Multi-mission Surface Combatants and Aerostats.
- Once fully realized, the programs in this announcement will support more than 18,000 highly skilled jobs in the U.S.
- Source: Press Release