IAI to build F-35 wings for Lockheed Martin

Israel Aerospace Industries 10-15 year contract for the stealth bomber has a potential value of $2.5 billion.

Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) will build wings for the F-35 Lightning II stealth combat jet, which Lockheed Martin Corporation (NYSE: LMT) will begin producing in 2015. The 10-15 year contract has a potential value of $2.5 billion.

IAI and Lockheed Martin have begun setting up the production line for the F-35's wings at an IAI facility. IAI will invest in state-of-the-art technologies and systems needed for the project.

"The F-35 is an important milestone for IAI, and guarantees the company's involvement in advanced combat aircraft. I welcome the strengthening of the ties with Lockheed Martin," said IAI CEO Joseph Weiss.

"This agreement an important milestone for our collaboration with IAI," said Lockheed Martin VP F-35 business development Steve O'Brien. "IAI has for years provided critical components for a range of Lockheed Martin platforms. Participation in the F-35 program is a natural development in our relationship."

Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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