BAE finalizes South Korean F-16 upgrade deal, eyes more prospects

Britain’s BAE Systems Plc (BA.TO) said on Monday it will hire 300 workers at its Fort Worth, Texas, plant and other sites to upgrade over 130 South Korean F-16 fighter jets after finalizing a deal with the U.S. government it hopes to replicate in other places in Europe and Asia in coming years. BAE in 2012 beat out the maker of the jets, Lockheed Martin Corp (LMT), for the upgrade work, which could be worth over $1 billion, according to South Korean media reports. Erin Moseley, president of BAE Systems’ Support Solutions sector, told Reuters the deal marked a significant expansion of BAE’s F-16 modernization business. “A number of countries were watching to see if this model could be successful,” Moseley said, noting that BAE already does about 40 percent of the work building and upgrading the avionics on the jets.

    

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