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
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.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
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.
Comments
Want to discuss? Please read our Commenting Policy first.