Lockheed Martin takes equity stake in UAE MRO unit
US defence firm acquired unspecified equity stake in an Abu Dhabi-based military aircraft maintenance,
January 16, 2011 4:08 by Reuters
Lockheed Martin Corp will take an unspecified equity stake in an Abu Dhabi-based military aircraft maintenance, repair and overhaul centre that is partly-owned by Abu Dhabi investment vehicle Mubadala.
Advanced Military Maintenance, Repair and Overhaul Center (AMMROC) said on Sunday that the U.S. defence firm had joined Sikorsky Aerospace Services and main shareholder Abu Dhabi Aircraft Technologies (ADAT).
ADAT, which is owned by Mubadala, set up the joint venture with United Technologies Corp’s Sikorksy last June to target the regional military market.
“The addition of Lockheed Martin brings significant aerospace sustainment and service capabilities allowing AMMROC to further expand its service offerings in the fixed-wing market segment,” it said in a statement.
(Reporting by Catherine Ngai and Stanley Carvalho; Editing by Amran Abocar)