Lockheed Martin and
Poland Sign Offset Agreement Valued at More Than $6 Billion
18 April 2003
WARSAW - The Polish Minister of Economy, Labour
and Social Policy and Lockheed Martin
Aeronautics Company, a business area of Lockheed
Martin Corporation [NYSE: LMT], today signed a
Master Offset Agreement valued at $6.023 billion
as part of Poland’s procurement of 48 F-16 C/D
Block 52 aircraft.
The agreement details a series of specific
offset projects designed to bring high
technology, new jobs and growth to the Polish
economy. The agreement complies with Polish law
and allows for the immediate implementation of
all agreements contained in the Letter of Offer
and Acceptance between Poland and the United
States, initialled in March 2003.
“I am delighted with the fact that after much
difficult negotiations, the two sides have come
to an agreement,” said Deputy Minister of
Economy Jacek Piechota. “It was in the interest
of Lockheed Martin to conclude this agreement
allowing the sale of the F-16s to proceed, and
it is in our interest to take advantage of the
unique opportunities that a strategic economic
relationship with the United States provides us.
This agreement is a success for Poland, and the
long term benefits to the Polish economy will
allow us to play a full role in the new
competitive environment of the European Union.”
Philip Georgariou, Lockheed Martin’s Regional
Director for Industrial Participation, noted
that the agreement focuses on strategic areas
such as technology transfer and information
technology, as well as providing projects in key
economic sectors. “Together with our industry
team members, we intend to work closely with the
Polish government to select the best possible
projects over the lifetime of the contract,
bringing benefits to the Polish economy well
beyond the 10-year life of the offset contract,”
he noted. “The agreement is intended to enhance
Poland competitively in the global economy,
create jobs and enhance local labor market
skills.”
As requested by the Polish government, the
projects in the agreement focus on
high-technology and long-term job creation. The
agreement also provides Poland with the
opportunity to deepen its economic relationship
with the United States, the strongest and most
technologically advanced country in the world.
As a whole, the entire package of offset
projects will bring significant economic
benefits in excess of $9 billion to Poland far
beyond the ten-year lifespan of the offset
program.
Lockheed Martin Aeronautics Co.,
headquartered in Fort Worth, Texas, is a leader
in the design, development, systems integration,
production and support of advanced military
aircraft and related technologies. Its customers
include the military services of the United
States and allied countries throughout the
world. Products include the F-16, F/A-22, F-35
JSF, F-117, T-50, C-5, C-130, C-130J, P-3, S-3
and U-2.
Headquartered in Bethesda, Maryland, Lockheed
Martin employs about 125,000 people worldwide
and is principally engaged in the research,
design, development, manufacture and integration
of advanced technology systems, products and
services. The Corporation reported 2002 sales of
$26.6 billion.
For more information on Lockheed Martin
Corp., visit:
http://www.lockheedmartin.com
For more information on Lockheed Martin
Aeronautics Co., visit:
http://www.lmaeronautics.com
CONTACT:
Greg Hubbard 817-777-6714
greg.d.hubbard@lmco.com
Sam Grizzle 770-494-3211
sam.c.grizzle@lmco.com
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