Peru announced its decision to purchase 12 F-16 Block 70 aircraft from Lockheed Martin Corp. (NYSE: LMT) to modernize its fighter fleet, according to a company statement.

The aircraft will be manufactured at Lockheed Martin's facility in Greenville, South Carolina. The F-16 Block 70 represents the newest variant of the F-16 fighter jet currently in production.

"Peru's choice of the F-16 underscores the aircraft's unmatched operational performance and combat record, as well as its ability to meet the most pressing defense requirements," said Mike Shoemaker, Vice President of Integrated Fighter Group at Lockheed Martin.

The acquisition represents a modernization effort for the Peruvian Air Force and continues Peru's defense relationship with the United States. With this purchase, Peru joins 29 other nations operating F-16 aircraft, adding to a global fleet of more than 2,800 F-16s currently in service.

The F-16 Block 70 features updated radar and weapons systems designed to provide enhanced situational awareness for pilots. Lockheed Martin stated the aircraft offers interoperability with allied forces and long-term operational capabilities.

The company indicated the program will enable industrial collaboration opportunities between the United States and Peru. Shoemaker noted that defense cooperation between the countries provides economic benefits for both nations.

Financial terms of the aircraft purchase were not disclosed in the announcement.