Congress Asked to Approve $250 Million Arms Sale to Greece

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The Defense Security Cooperation Agency notified Congress [link opens in PDF] Thursday of plans to sell the Greek military $250 million worth of spare parts for use in repairing and maintaining United Technologies (NYSE: UTX  ) F100-PW-229 engines. The parts to be sold include inlet/fan modules, core engine modules, rear compressor drive turbines, fan drive turbine modules, augmentor duct and nozzle modules, and gearbox modules. The sale will include support equipment, publications, and technical documentation necessary to make use of them.

DSCA explains that the spare parts are needed to "ensure the Hellenic Air Force sustains its aircraft fleet" of Lockheed Martin (NYSE: LMT  ) F-16 fighter jets "at the highest state of readiness to face any potential threats." In this way, the sale "will contribute to the foreign policy and national security of the United States by helping to improve the security of a NATO ally."

DSCA added that "there will be no adverse impact on U.S. defense readiness as a result of this proposed sale."

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9/27/2016 9:39 AM
LMT $245.89 Up +0.36 +0.15%
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