Korea Aerospace Industries signs memo with Lockheed

Korea Aerospace Industries, the only aircraft producer in Korea, has strengthened its alignment with a global industry leader. According to a company official, Korea Aerospace and Lockheed Martin Corporation, the U.S.-based aerospace giant, yesterday agreed to boost strategic cooperation in product development and sales. The two companies are already engaged in a joint marketing campaign to drive more exports of the T-50 Golden Eagle, the world’s only advanced supersonic jet trainer. Production on th Golden Eagle started in Korea last year. Chung Hae-joo, president of KAI, and Ralph Heath, executive vice president at Lockheed Martin, signed a memorandum of understanding that outlines strategy to broaden sales of the T-50. Talks are in progress on the sale of the trainer jet to countries in the Middle East and Europe. Also under the agreement, the two companies will work together in modifying the F-16 fighter jet and the C-130 cargo plane. “The MOU will reinforce Lockheed Martin’s commitment to continue effort for the international marketing of the T-50,” Mr. Heath said. “The MOU will allow us to explore areas for cooperation between the two companies for new future business in the U.S. and international markets.” Korea Aerospace Industries had annual sales of 670 billion won ($714 million) last year. by Hwang Young-jin