S Korea To Buy 4 Surveillance Planes From Boeing

Posted on: Nov. 8th, 2006 || Source: Dow Jones Newswires | E-mail Article | Print Article

SEOUL (AP)--South Korea announced Thursday it decided to buy four AWACS surveillance planes from Boeing Co. (BA) for about KRW1.6 trillion.

Seoul selected Boeing's B-737 in August as the only preferred model for its Airborne Warning and Control System aircraft project. The two sides have since negotiated the price.

The exact price was not known, but an official with the Defense Acquisition Program Administration said it would be around KRW1.6 trillion. He spoke on condition of anonymity citing policy.

A formal contract will be signed later this month and the planes will be delivered by 2012, the defense procurement agency said in a statement.

AWACS planes are used to coordinate the flights of the fighters and to track other aircraft.

(END) Dow Jones Newswires 11-08-060345ET Copyright (c) 2006 Dow Jones & Company, Inc.
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