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FINANCIAL NEWS
Lockheed acquires stake in Abu Dhabi’s AMMROC
16 Jan 2011
(MENAFN) Officials at Lockheed Martin, the US-based defense giant, announced that it has purchased an equity stake in Abu Dhabi contractor Advanced Military Maintenance Repair and Overhaul Centre (AMMROC), Arabian Business reported.
According to officials, Lockheed joins the venture�s existing firms, Sikorsky Aerospace Services, which holds an equivalent share, and Abu Dhabi Aircraft Technologies (ADAT), the principal shareholder.
AMMROC, which has already received $800 million in investments, was launched in July last year and 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.
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