By Anthony O. Goriainoff

The U.K. Ministry of Defence said Friday that it had awarded over 650 million pounds ($814.1 million) worth of funding to British defense companies BAE Systems PLC and Rolls-Royce Holdings PLC, among others, to develop fighter jet program.

The MoD said this was allocated to continue the development of the Tempest next-generation fighter jet, part of the Global Combat Air Programme, a trilateral collaboration with Japan and Italy.

"By combining forces, the U.K. and our partners will deliver the military capability we need to overcome fast-evolving threats, share costs and ensure the RAF remains interoperable with some of our closest partners," the ministry said.

The program is expected to support thousands of jobs across the country and has a 2035 in-service date for the aircraft, and is part of an investment of over GBP2 billion by the government on the project up to May 2025.

"This contract reflects the continued commitment by the U.K. government and ensures we continue to mature this significant program and the vital technology pipeline that will drive innovation into - and beyond - the combat air sector for decades to come," BAE Systems said.

The MoD said that Leonardo UK and MBDA UK were the other companies involved.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

April 14, 2023 02:35 ET (06:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Bae Systems (PK) (USOTC:BAESY)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Bae Systems (PK) Charts.
Bae Systems (PK) (USOTC:BAESY)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Bae Systems (PK) Charts.