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FINANCIAL NEWS
Lockheed buys stake in AMMROC
17 Jan 2011
(MENAFN) AMMROC, the aircraft maintenance company set up by the government of Abu Dhabi government stated that Lockheed Martin, a US defense contractor, acquired equity stake in the Abu Dhabi-based firm, reported The National.
Financial details weren’t disclosed. AMMROC puts the total investment in the project at more than $800 million.
A division of Abu Dhabi’s Mubadala investment company created AMMROC last July in partnership with Sikorsky. It aims to create jobs for citizens of the UAE and provide aircraft maintenance to the UAE armed forces and other regional militaries.
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