Lockheed Martin Canada has agreed to acquire certain assets of the engine maintenance, repair and overhaul (MRO) business of Aveos Fleet Performance for an undisclosed amount.

The completion of the deal is subject to customary conditions.

Lockheed Martin president and chief executive officer Marillyn Hewson said the acquisition was consistent with the company’s strategy of acquiring capabilities that enhance its ability to expand into market opportunities.

"We look forward to expanding our corporation’s presence in Canada, and plan to begin engine MRO operations for commercial and military customers later this year," Hewson added.

"We will immediately realise the benefit of this deal because we plan to hire a number of the highly skilled former Aveos employees to support our MRO operations in Montreal."

Aveos Fleet Performance’s MRO business assets provide the capability to offer a range of services on the CF34 and CFM56 engine families, which feature engines that power the regional Embraer and Canadian RJ jets and the Airbus 320 line respectively.

Following the acquisition, the MRO business facility will be named Kelly Aviation Center Montreal and will become a part of Lockheed Martin Aerounatics’ engine MRO line of business.

Currently, Lockheed Martin Aerounatics’ engine MRO line of business includes the Kelly Aviation Center, a Lockheed Martin affiliate, based in San Antonio, Texas, US.

Lockheed Martin Aeronautics executive vice president Larry Lawson said that by leveraging the commercial strengths of the existing Aeronautics team at Kelly Aviation Center in San Antonio, the company can build on natural synergies that exist to provide innovative MRO offerings.

"We will immediately realise the benefit of this deal because we plan to hire a number of the highly skilled former Aveos employees to support our MRO operations in Montreal," Lawson.added.

Lockheed Martin Canada, a wholly owned subsidiary of Lockheed Martin, operates facilities in Ottawa, Montreal, Dartmouth and Calgary with more than 700 employees.

It provides naval combat systems, radar platforms, avionics, electronic warfare, data fusion and performance-based logistics.

Lockheed Martin, headquartered in Bethesda, Maryland, US, is engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.