Israel has signed an agreement with the U.S. government and Lockheed Martin (NYSE: LMT) to buy an additional 17 F-35 fighter jets worth approximately $1.7 billion, The Times of Israel reported Sunday.
Israel’s defense ministry said Lockheed is slated to deliver the new batch of 17 F-35s by December 2024 after the country’s initial order of 33 aircraft is completely shipped off in 2021.
The ministry added the U.S. government negotiated with Lockheed to reduce the cost of the fighter aircraft to less than $100 million per unit, the report noted.
The Israeli air force currently owns five F-35s and expects to declare the aircraft as operational in 2018.
