Turkey Aviation Deals and Defense Implications

Turkey plans to buy hundreds of Boeing airliners and Lockheed Martin fighters; Ankara also seeks $10B+ in local production deals, pending U.S. approval and a Sep 25 Trump–Erdogan meeting. WINNERS Commercial airframers and key Boeing suppliers$BA (Boeing), $SPR (Spirit AeroSystems)Reason: A “hundreds of jets” purchase would directly lift Boeing’s backlog and production rates; Spirit, a major 737/MAX fuselage and structures supplier, typically benefits when Boeing narrows ramp up. Fighter airframes and propulsion$LMT (Lockheed Martin), $GE (GE Aerospace)Reason: Reuters flags a major F-16 package and continued F-35 talks. That favors $LMT on platforms, while many modern F-16s use GE’s F110 engine family, creating incremental engine and spares demand. Narrow-body engine ecosystem tied to MAX$GE (GE Aerospace), $TDG (TransDigm)Reason: If the airliner mix skews to 737 MAX, engine volume runs through CFM LEAP-1B—the MAX’s exclusive powerplant—benefiting GE via the CFM JV; TransDigm’s proprietary components portfolio sees long-tail content as fleets grow. LOSERS Aircraft lessors (deal-structure headwind)$AER (AerCap), $AL (Air Lease)Reason: Sovereign-anchored, direct OEM purchases with local-production offsets can reduce the need to source capacity via operating leases, trimming near-term placement opportunities. Airbus/GTF-skewed narrow-body exposure (relative)$RTX (RTX/Pratt & Whitney), $HXL (Hexcel)Reason: A MAX-heavy order funnels engines to the LEAP-1B (CFM/GE), not P&W’s GTF family under $RTX; composite growth linked to Airbus neo share sees less direct uplift versus a Boeing-skewed Turkish buy. Defense primes outside the spotlighted scope (opportunity cost)$NOC (Northrop Grumman), $GD (General Dynamics)Reason: Turkish focus on fighters (F-16/F-35) and aviation packages narrows near-term attention for categories like bombers, space, ships, and ground systems where these primes lead.

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