RIYADH, Saudi Arabia,
May 20, 2017 /PRNewswire/
-- Today the United States and the Kingdom of Saudi Arabia (KSA) took major steps
to enhance global security and stimulate economic progress in
the United States and the
Middle East. KSA has expressed its
intent to procure more than $28
billion worth of Lockheed Martin integrated air and missile
defense, combat ship, tactical aircraft and rotary wing
technologies and programs.
"At Lockheed Martin, we are proud to be part of this historic
announcement that will strengthen the relationship between
the United States and the
Kingdom of Saudi Arabia," said
Lockheed Martin Chairman, President and Chief Executive Officer
Marillyn Hewson. "We are especially
proud of how our broad portfolio of advanced global security
products and technologies will enhance national security in
Saudi Arabia, strengthen the cause
of peace in the region, and provide the foundation for job creation
and economic prosperity in the U.S. and in the Kingdom. These
agreements will directly contribute to His Majesty's Vision 2030 by
opening the door for thousands of highly skilled jobs in new
economic sectors."
The announcement includes:
- Letters of Offer and Acceptance and a
Memorandum of Intent
covering government-to-government sales of Lockheed Martin
programs to include integrated error and missile defense systems,
multi-mission surface combatant ships, radar systems,
surveillance systems, tactical aircraft and rotary wing
programs.
- A Letter of Intent, between Lockheed Martin and Taqnia, to form
a joint venture to support final assembly and completion of an
estimated 150 S-70 Black Hawk utility helicopters for the Saudi
government. The program supports work for more than 450 U.S. jobs
including in Connecticut at
Sikorsky and throughout the U. S. supply chain and also supports
KSA's Vision 2030 by creating an additional 450 jobs in the
Kingdom, developing local capabilities through technology and
skills transfer, thus enhancing the U.S.-Saudi global security
partnership.
- A Memorandum of Understanding between Lockheed Martin and Saudi
Arabian Military Industries for the parties to work together to
build defense capabilities in the KSA to support Vision 2030 and
provide for localization efforts associated with Multi-mission
Surface Combatants and Aerostats.
Once fully realized, the programs in this announcement will
support more than 18,000 highly skilled jobs in the U.S. and
thousands of jobs in Saudi Arabia
as part of maintaining and modernizing these platforms over the
next 30 years. These programs help the Saudi government realize its
Vision 2030 objective of building its domestic technology
capabilities and skilled workforce.
About Lockheed Martin:
Headquartered in Bethesda, Maryland, Lockheed Martin is a
global security and aerospace company that employs approximately
97,000 people worldwide and is principally engaged in the research,
design, development, manufacture, integration and sustainment of
advanced technology systems, products and services.
Forward-Looking Statements
This news release contains
statements that, to the extent they are not recitations of
historical fact, constitute forward-looking statements within the
meaning of the federal securities laws, and are based on Lockheed
Martin's current expectations and assumptions. Many factors could
cause actual results to differ materially from these
forward-looking statements including: our ability to reach
definitive agreements with respect to the programs described; our
ability to successfully perform those programs; our ability to
successfully transfer technology and skills; economic, industry,
business and political conditions (domestic and international)
including their effects on governmental policy; and risks
associated with doing business internationally. While the list of
factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential
risks and uncertainties. For a discussion identifying additional
important factors that could cause actual results to vary
materially from those anticipated in the forward-looking
statements, see the Corporation's filings with the SEC including,
but not limited to, "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors"
in the Corporation's Annual Report on Form 10-K for the year ended
Dec. 31, 2016 and quarterly reports
on Form 10-Q. The Corporation's filings may be accessed through the
Investor Relations page of its website,
www.lockheedmartin.com/investor, or through the website maintained
by the SEC at www.sec.gov.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lockheed-martin-plays-major-role-in-strengthening-united-states-and-kingdom-of-saudi-arabia-ties-to-bolster-global-security-300461094.html
SOURCE Lockheed Martin