F-16 Fighting Falcon News

LMTAS wants to buy IAI

December 3, 1997 (by Lieven Dewitte) - According to the Israeli newspaper Haaretz, Lockheed Martin wants to buy the state-owned Israeli Aircraft Industries. Lockheed Martin is particularly interested in IAI's ability to upgrade F-16 fighter jets, which the US firm manufactures. The president of the US company, Norman Augustine, expressed interest in purchasing the Israeli aerospace giant during a meeting with Prime Minister Benjamin Netanyahu last month. IAI has been struggling financially in recent years and due to a severe cash flow problem and may fall behind on upcoming salaries for 13, 500workers.