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Lockheed Martin gets $32.9 million for Taiwan’s F-16 fighters upgrade

Lockheed Martin gets $32.9 million for Taiwan’s F-16 fighters upgrade

Pentagon awarded another multibillion international project: Lockheed Martin a $32.9 million for upgrading Taiwanese F-16 fighters, Defence Blog reports.

Pentagon will support the Taiwan F-16 Peace Phoenix Rising Program. The hybrid cost-plus-fixed-fee plus firm-fixed-price modification to previously awarded contract for contractor logistics support to the Taiwanese fighters’ upgrading.

According to the contract, a planned modification provides for contractor logistics support, repair and return and diminishing manufacturing source management services for Taiwan F-16s Active Electronically Scanned Array Radar.

Taiwan will be a place where all activities under contract will be performed. An expected completion date of May 31, 2022, the U.S. Department of Defense reported.

The multibillion Phoenix Rising Project was launched in 2016 with the purpose of upgrading 144 ROCAF A/B Fighting Falcon combat aircraft to the F-16V configuration by 2023. AIDC is Lockheed Martin’s local project partner. The total cost for the Phoenix Rising Project is estimated at around $5.3 billion.

Among other aims of the Taiwan project, is also the procurement of additional beyond-visual-range (BVR) air-to-air missiles form the U.S., as well as domestically-produced weapons systems such as the soon to be operationalized Sky Sword II medium-range air-to-air missile or Sky Sword.

Lockheed Martin: 3rd Quarter 2019 results are amazing

The year 2019 was extremely successful for the corporation thanks to the cooperation with Pentagon. Lockheed Martin has reported the financial results of the third quarter of 2019:

  • Net sales of $15.2 billion
  • Net earnings of $1.6 billion, or $5.66 per share
  • Generated cash from operations of $2.5 billion
  • Achieved record backlog of $137.4 billion
  • Increased quarterly dividend rate to $2.40 per share
  • Increased share repurchase authority by $1.0 billion.