News

(RTTNews) - FTAI Aviation Ltd. (FTAI) announced Thursday an agreement to purchase Lockheed Martin Commercial Engine Solutions or LMCES, from Lockheed Martin Canada Corp. for a purchase price of $170 million.

The acquisition is subject to customary regulatory approvals and is anticipated to close in the second half of 2024.

LMCES is a 526,000-square-foot aircraft engine maintenance repair facility located in Montreal, Quebec, with extensive engine and piece-part repair capabilities for CFM56 engines.

FTAI, LMCES's largest customer, and LMCES established The Module Factory at the facility in 2020 to distribute CFM56 modules globally. The facility has a capacity for up to 900 CFM56 modules per year and houses three test cells on-site.

This acquisition will further enhance FTAI's Maintenance, Repair, and Exchange (MRE) business, and create permanent engine and module manufacturing capabilities in Canada.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.