Lockheed Martin buys stake in Abu Dhabi defence firm
US defence manufacturing giant Lockheed Martin has acquired an equity stake in Abu Dhabi contractor Advanced Military Maintenance Repair and Overhaul Centre (AMMROC).world Updated: Jan 17, 2011 15:06 IST
US defence manufacturing giant Lockheed Martin has acquired an equity stake in Abu Dhabi contractor Advanced Military Maintenance Repair and Overhaul Centre (AMMROC).
The manufacturer joins the venture's existing firms, Sikorsky Aerospace Services, which holds an equivalent share, and Abu Dhabi Aircraft Technologies (ADAT), the principal shareholder, according to a statement released here on Sunday.
The size of the deal, however, has not been revealed.
AMMROC was launched in July 2010 as a joint venture between ADAT, a wholly-owned subsidiary of Mubadala Development Company, the strategic investment arm of the Abu Dhabi government.
AMMROC will provide maintenance repair and overhaul (MRO) to all fixed- and rotary-wing aircraft in the UAE military, as well as offering services to other armed forces around the world.
Over USD 800 million has already been invested in the project.
AMMROC is expected to create an additional 4,000 new jobs in the UAE focusing on the development of UAE nationals and will maintain an on-site presence at the UAE Armed Forces bases associated with ongoing maintenance support contracts.
David Adler, President of Sikorsky Aerospace Services said that they believe AMMROC will bring tremendous opportunities to both our companies and expanded service capability to the UAE’s Armed Forces, Abu Dhabi and eventually to the South Asia, Middle East and North Africa region.