GREECE ANNOUNCES DECISION TO PURCHASE 50 ADDITIONAL LOCKHEED MARTIN F-16s
FORT WORTH, TX, April 30th, 1999 -- The government of Greece announced today that it has decided to purchase at least 50 Lockheed Martin F-16 aircraft after a long and intense evaluation that included consideration of the Boeing F-15 and several other fighters on the world market. The total program, including the aircraft, mission equipment and a support package, is worth about $2 billion to various suppliers. The value to Lockheed Martin is about $1.4 billion in current-year dollars.
Greece is acquiring an advanced version of the F-16 designated as the F-16 Block 50+. The configuration includes the latest core avionics and color displays, conformal fuel tanks for extended range and other advanced capabilities.
"This decision by the government of Greece is an extremely significant win for the F-16 industry team," said Dain M. Hancock, president of Lockheed Martin Tactical Aircraft Systems. "This was a hard-fought competition against the leading fighters available today on the world market, and the selection comes as a result of one of the most thorough, intense evaluations we have witnessed. The decision should also send a positive and strong signal to other customers that are currently considering F-16 orders."
Deliveries of the new aircraft will begin approximately 24 months after contract signature, which is anticipated to occur later this year following Congressional approval. The sale will help extend production of the F-16 into the early part of the next century.
The F-16 is the world's most sought-after fighter. More than 3,900 have been delivered to the air forces of 19 countries, and Lockheed Martin has a firm backlog for about 130 additional aircraft, not including the new sale to Greece and other high potential orders that are pending. The United States Air Force intends to purchase at least 30 additional F-16s over the next several years.
Greece has taken delivery of 80 F-16s purchased under previous orders.
Lockheed Martin Tactical Aircraft Systems is prime contractor for the F-16 and also produces one-third of the F-22 Raptor, supplies major components of Japan's F-2 fighter and is leading the Lockheed Martin Joint Strike Fighter (JSF) development team.