Terms of the agreement were not disclosed but are described as “not material” to Lockheed Martin’s financial position.
“This acquisition is consistent with our strategy of acquiring capabilities that enhance our ability to expand into attractive adjacent market opportunities,” said Lockheed Martin CEO and president Marillyn Hewson.
She added that the acquisition would pave the way to expanding the corporation’s presence in Canada, and it plans to begin engine MRO operations for commercial and military customers later this year.
The acquired engine MRO assets provide capabilities to perform a complete range of services on the CF34 and CFM56 engine families, which include engines that power the 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 Aerounatics’ engine MRO line of business, which includes Kelly Aviation Center, a Lockheed Martin affiliate based 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,” added Lockheed Martin Aeronautics executive vice president Larry Lawson.
Lockheed Martin Canada has more than 700 employees at facilities in Ottawa, Montreal, Dartmouth and Calgary, as well as Department of National Defence sites across the country.
The closing of the transaction is subject to customary conditions.
