Quickstep Holdings of Perth may acquire the Boeing Aerostructures Australia facility at Bankstown Airport to manufacture composite components for the F-35 Joint Strike Fighter.
It is understood that the 350 staff at the plant have been told their jobs would end in 2012 when the plant is closed.
Under an agreement with Northrop Grumman, designer and builder of the JSF centre fuselage, Quickstep will manufacture JSF parts, comprising 21 different components said to be worth up to $700 million.
The parts will be exported to the US for incorporation into F-35 JSF production.
Production is planned to commence in 2012.