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.
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