SEOUL, KOREA - Lockheed Martin, a candidate firm for Korea's next-generation fighter jet development program, whose total contract amount is estimated at 8.3 trillion won, has sweetened the deal by throwing in a military satellite. The U.S. defense contractor said this on June 17 when it revealed its "strategic partnership" blueprint as part of the offset program.
Offsets are a trade practice whereby a supplier agrees to buy products from the party to whom it is selling, in order to win the buyer as a customer and offset the buyer's outlay.
Lockheed Martin offered, "If we win the bidding with our F-35 Stealth Jet, we will allow the Korean military to own the program completely and lend support to Korea's independent bid to manufacture and launch satellites. The satellites will be used for military communications and natural disaster monitoring purposes." The Korean military has plans to launch up to five satellites by 2021.
The Defense Acquisition Program Administration has so far received offset offers from three bidders, including EADS (Eurofighter Typhoon), Boeing (F-15 Silent Eagle), and Lockheed Martin (F-35 Stealth Jet). The administration will start the bidding process on the 18th to pick a final bidder as early as early next month.
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