Lockheed Martin is launching a bid for a £1.2 billion Ministry of Defence helicopters contract.

The American-owned defence company, which has a base at Gloucester Business Park, has vowed to create hundreds of new jobs and lucrative exports by bringing the latest generation of Black Hawks to Britain, reports The Times.

The group plans to create an assembly line in Hampshire and for parts to be made elsewhere in the country if it is chosen to build new helicopters to replace the armed forces' ageing fleet of Pumas.

The Times says Lockheed's bid could create more than 500 jobs assembling and building up to 44 Black Hawk helicopters at the Hampshire factory of StandardAero, its supply partner.

Speaking yesterday at the Defence and Security Equipment International exhibition in London, Paul Livingston, chief executive of Lockheed Martin UK, said it could generate about £407 million of exports by selling further British-assembled helicopters overseas.

He said: "It would deliver the very latest generation of Black Hawks, which have proven versatility, are quick to build and quick to certify, and create a generation of highly-skilled jobs in the UK."

Furthermore, UK participation in the Black Hawk programme would open the door for UK industry to take part in the development and production of Lockheed Martin's next generation rotorcraft solutions, creating a potential 45-year pipeline of work and exports for UK companies.