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Lockheed Martin Targets $6.7 Billion Saudi Contract

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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 (NYSE: 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 (NYSE: 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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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

8/28/2015 4:02 PM
LMT $203.90 Down -0.03 -0.01%
Lockheed Martin Co… CAPS Rating: ****
GE $25.16 Up +0.15 +0.60%
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