Lockheed Martin Targets $6.7 Billion Saudi Contract
Nov 12th 2012 10:00AM
Updated Nov 12th 2012 10:02AM
Following on the heels of a request for permission to sell Qatar and the United Arab Emirates $7.6 billion worth of missile defense systems manufactured by Lockheed Martin (NYS: LMT) , the U.S. Defense Security Cooperation Agency on Thursday notified Congress of an additional proposed weapons deal.
Like the Qatar/UAE sale, this deal would center on Lockheed, which wants to sell the Kingdom of Saudi Arabia 20 C-130J transport aircraft, and an additional five KC-130J aerial refueling tankers. Other participants in the sale include General Electric's (NYS: GE) Aviation Systems unit, and Rolls Royce. Inclusive of parts, training, and logistical support, the total bill for the 25 planes being sold would approach $6.7 billion.
Lockheed calls the sale "the largest foreign military sale of C-130s in the programme's history." Congress has 30 days to review the terms of the deal and determine whether it is in America's national interests to conclude the sale. Absent objection within the 30 days, the deal will go forward.
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