Swiss sign controversial $6B deal to purchase F-35 fighters

GENEVA (AP) — Swiss officials on Monday formally signed a procurement contract to acquire three dozen F-35 fighter jets from the United States as part of a planned refurbishment of Switzerland's air force that has run afoul of critics of the big defense purchase, the government said.

The head of Switzerland's armaments service and F-35A program director inked the procurement deal that is to cost just over 6 billion Swiss francs (dollars) for the planes that will be delivered between 2027 and 2030.

The planned purchase has already been signed by the United States, where manufacturer Lockheed Martin has its headquarters, the Swiss government said in a statement. The procurement cost will include mission-specific equipment, weapons and ammunition, as well as logistics, mission-planning and training support, it said.

Late last month, opponents succeeded in a petition drive to put the planned purchase to a referendum, but Swiss government officials have argued that voters had already agreed to it and the contract was already set to be signed, so any timetable for a referendum would be too late.

Opponents say the planes are too expensive, would tie Swiss security too closely to the United States and are ill-suited for the needs of Switzerland. The Swiss air force mostly uses such fighters for air patrols in its European skies and not in conflicts abroad.

The Swiss constitution holds that Switzerland is a neutral country, curtailing its ability to take part in foreign conflicts.

Canada, Finland and Germany are among other Western countries that have also opted for the F-35. The Swiss government chose the fighters in June in a competition against Boeing’s F/A-18 Super Hornet, France’s Rafale and the Eurofighter. The new jets are to replace the country's aging fleet of F/A-18 Hornets and F-5 Tigers.

Should you invest $1,000 in Lockheed Martin right now?

Before you consider Lockheed Martin, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Lockheed Martin wasn't on the list.

While Lockheed Martin currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

10 "Recession Proof" Stocks That Will Thrive in Any Market Cover

Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.

Get This Free Report

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Lockheed Martin (LMT)
4.1741 of 5 stars
$459.13-0.2%2.74%16.67Hold$475.80
Compare These Stocks  Add These Stocks to My Watchlist 


Featured Articles and Offers

7 Dividend Stocks with Double-Digit Growth Rates

7 Dividend Stocks with Double-Digit Growth Rates

Discover top dividend stocks defying myths with both secure dividends & double-digit growth. Explore our list of 7 blue-chips setting 2024 standards.

Search Headlines: