Boeing and Israel Aerospace Industries (IAI), partners in production of the Arrow ballistic-missile defense system, intend to sell the weapon system to South Korea, according to Defense News.

The report stated that the deal is estimated to exceed $1 billion, and would be consummated between the US and South Korean governments.

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“There’s still a long way to go, but we and our Israeli partners are working very persistently to be able to provide this phenomenal capability to South Korea, an important U.S. ally,” Roger Krone, president of Boeing said recently in Tel Aviv.

Last week, Boeing and IAI announced that they were increasing collaboration on the Arrow anti-ballistic missile program and other projects in the missile defense arena.

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