Turkey has selected Israel Aircraft Industries Ltd. to improve the avionics and otherwise upgrade its fleet of aging American-made Phantom jet fighters. The cost of the project is put at $600 million dollars. IAI and other Israeli companies have been extremely aggressive in the military-upgrading market in an attempt to offset a decline in defense sales. IAI has already won contracts from Australia, Chile, and the U.S. Air Force, and the company is working on Soviet-built MiG-21s for several Eastern European and Asian countries. In order to clinch the deal with Turkey, Israel had to agree to defer payment for two years.
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