BETHESDA, Md., 8 Jan. 2013. Lockheed Martin Canada Inc., a wholly owned subsidiary of Lockheed Martin Corp. (NYSE:LMT), has entered into an agreement to purchase certain assets of the engine maintenance, repair, and overhaul (MRO) business of Aveos Fleet Performance in Montreal, Canada.
With the acquisition of engine MRO assets, Lockheed Martin will gain the capabilities to perform a range of services on the CF34 and CFM56 engine families—the engines that power regional Embraer and Canadian RJ jets and the Airbus 320 family, respectively. The facility will be named Kelly Aviation Center Montreal, a Lockheed Martin Canada company, and become part of Lockheed Martin Aeronautics' engine MRO line of business. This MRO line also includes Kelly Aviation Center, a Lockheed Martin affiliate in San Antonio, Texas.
"This expansion into the commercial engine maintenance, repair and overhaul industry is a natural progression of our strategy to grow our business," notes Lockheed Martin Aeronautics Executive Vice President Larry Lawson. "By leveraging the commercial strengths of our existing Aeronautics team at Kelly Aviation Center in San Antonio, we can build on natural synergies that exist to provide innovative MRO offerings that will benefit our customers."
"This acquisition is consistent with our strategy of acquiring capabilities that enhance our ability to expand into attractive adjacent market opportunities," says Lockheed Martin CEO and President Marillyn Hewson. "We look forward to expanding our corporation's presence in Canada, and plan to begin engine MRO operations for commercial and military customers later this year."
Terms of the agreement were not disclosed. Lawson mentioned plans to hire a number of former Aveos employees to support the company’s MRO operations in Montreal.