United Arab Emirates EDGE, the UAE-based state defense conglomerate said it was taking full ownership of UAE military repair and maintenance company AMMROC by buying the 40 percent stake held by Lockheed Martin.
Abu Dhabi-based EDGE has entered into a conditional agreement to buy the stake from Lockheed Martin and its subsidiary Sikorsky, it said in a statement on Tuesday.
According to Emirates News Agency (WAM), AMMROC (Advanced Military Maintenance Repair and Overhaul Center) 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.
AMMROC is the region’s only authorized Lockheed Martin C-130 Service Centre. It also provides MRO services for F-16 and is the depot MRO hub for comprehensive BLACK HAWK ️ components.
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 recognize 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.”
- Watch: UAE launches Hope Probe in landmark space mission to Mars
- UAE dissolves ZonesCorp, transfers assets to Abu Dhabi Ports Company
- ‘We’re going to Mars to start a new journey for our country:’ UAE’s Sheikh Hamdan
- NMC’s UAE entity looks at restructuring option in Abu Dhabi, say sources
- Coronavirus: UAE reports 473 new COVID-19 cases, two deaths