Lockheed Martin subsidiary to purchase Aveos engine repair business

BETHESDA, Md. – A Canadian subsidiary of U.S. defence giant Lockheed Martin Corp. (NYSE:LMT) says it plans to buy Aveos Fleet Performance’s engine maintenance, repair and overhaul business in Montreal for an undisclosed price.

Terms of the agreement were not disclosed but Lockheed Martin said they are “not material” to the defence company.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Chief executive Marillyn Hewson says the acquisition is consistent with the company’s strategy of acquiring capability to expand into “attractive adjacent market opportunities.”

She says the company plans to begin operations for commercial and military customers later this year.

Lockheed says it will use the acquired assets to work on CF34 and CFM56 engines that power Embraer and Bombardier (TSX:BBD.B) regional jets, along with Airbus 320 family of planes.

The company plans to hire an undisclosed number of former Aveos employees.