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EDGE acquires Lockheed Martin shares

Posted 23 July 2020 · Add Comment

EDGE has entered into a conditional agreement to acquire the remaining 40 per cent stake currently held by Lockheed Martin Corporation and Sikorsky, in Advanced Military Maintenance Repair and Overhaul Centre (AMMROC).

 

EDGE acquires 40 per cent stake in Lockheed Martin. Image: Ammroc

AMMROC is the leading provider of military Maintenance, Repair, and Overhaul (MRO) services in the Middle East region. Both Lockheed Martin and Sikorsky have been shareholders in AMMROC since its inception in 2010, helping to develop military operation skills and capabilities within the country. AMMROC will continue to have a number of commercial agreements with Lockheed Martin and Sikorsky moving forward, maturing the parties’ relationship in new ways.  

 

Upon completion of this transaction, AMMROC will become wholly owned by EDGE. AMMROC will continue to pursue the aircraft aftermarket business, enabling the UAE and other regional air forces to maintain operational readiness, airworthiness, and technical ownership of various rotary- and fixed-wing aircraft and platforms.

 

Speaking on the acquisition, Faisal Al Bannai, CEO & managing director of EDGE Group, said: “Lockheed Martin and Sikorsky have played a pivotal role in developing the UAE’s MRO capabilities. As EDGE assumes full ownership of AMMROC and continues to pursue the military and civil MRO market with specialist skills, we recognise that such achievements are the outcome of our international partnerships. Going forward, we will continue to explore emerging business opportunities with Lockheed Martin and Sikorsky to further strengthen our relationship.”

 

Robert S. Harward, Lockheed Martin’s chief executive for the Middle East, said: “At Lockheed Martin, we are committed to building partnerships that strengthen the region’s security through defense, advanced technology and knowledge transfer programs. We are proud of our long-standing relationship with the UAE, that spans over four decades, and will continue to support and engage with EDGE across multiple platforms.”

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