In a press release, Lockheed Martin (NYSE: LMT)announced that it had acquired a $1.12 billion contract from the U.S. government. The contract will be for the production of 16 new F-16 Block 70 aircrafts, which will be transported to Bahrain to be added to its air force. Bahrain will be the first customer to receive these F-16 Block 70 fighter jets, the newest and most advanced F-16 production configuration.
"We value our long-standing relationship with the Kingdom of Bahrain and look forward to beginning production activities on their first Block 70 aircraft at our facility in Greenville," said Susan Ouzts, vice president of Lockheed Martin's F-16 Program. "This sale highlights the significant, growing demand we see for new production F-16s around the globe."
Lockheed Martin states that it has sold 4,604 to 28 customers around the world, and that approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the U.S. air force.
The fighter jets will be manufactured at a Lockheed Martin plant located in Greenville, South Carolina, which will lead to the employment of 150 to 200 people, according to the company. The production of F-16 fighter jets also supports hundreds of U.S. based Lockheed Martin engineering, procurement, sustainment, and customer support jobs and thousands of U.S. supplier jobs.
Lockheed Martin reported an increased total revenue of $278 million in its aeronautics segment in the first quarter of this year, up 7% year over year due to expansion of its F-35, F-16, and F-22 programs.