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South Korea to Buy 40 Lockheed Martin F35s

Bloomberg // September 24, 2014

South Korea will go ahead with plans to buy 40 Lockheed Martin Corp. F-35As and develop its own fighter jet as it seeks to improve technology to defend against North Korea’s growing nuclear threat.

Baek Youn Hyeong, spokesman for the military’s procurement agency, didn’t give the purchase price when he announced the final decision at a briefing in Seoul today. South Korea will pay 120 billion won ($115 million) per plane, Yonhap news agency reported. The decision confirmed a recommendation by the Joint Chiefs of Staff in November, 2013.

Korea had originally budgeted 8.3 trillion won for the program that initially sought to purchase 60 fighter jets. The military scaled back the number to 40 last year, when it opted to buy the F-35 over cheaper options from Boeing Co.

Read the full story from Bloomberg.

Photo by Lockheed Martin.