Lockheed Martin [LMT] said recently it was awarded three contracts to support supply chain needs for South Korea’s air force and navy.
Lockheed Martin will provide spare material and repair of military hardware for South Korea’s fleet of F-16 fighter jets and P-3 surveillance aircraft. The company has also provided these same services for the C-130 cargo jet for nearly 13 years, according to a statement. Lockheed Martin spokeswoman Emily Caruso each contract has a $2 million ceiling with an option to increase the value beyond the ceiling or create a new contract. Lockheed Martin develops both the F-16 and P-3.
Lockheed Martin provides supply chain support for the United States and international governments as well as commercial customers at operational field sites.
“The establishment of these contracts with the Republic of Korea highlights the confidence our customers have in our capability to maintain critical spare parts and repair of military hardware for their weapons systems,” Janet Gohman, director of global supply chain services for Lockheed Martin’s mission systems and sensors business, said in a statement.