FTAI To Buy Lockheed Martin Commercial Engines Solutions From Lockheed Martin Canada For $170 Mln

(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.