ABU DHABI, United Arab Emirates (AP) -- An aircraft maintenance company set up by the oil-rich Abu Dhabi government says U.S. defense contractor Lockheed Martin has taken an equity stake in the firm.
The Persian Gulf state's Advanced Military Maintenance, Repair and Overhaul Center said Sunday Lockheed will own the same amount of the company as United Technologies' Sikorsky Aerospace Services division.
Financial details weren't disclosed. AMMROC puts the total investment in the project at more than $800 million.
A division of Abu Dhabi's Mubadala investment company created AMMROC last July in partnership with Sikorsky. It aims to create jobs for Emirati citizens and provide aircraft maintenance to the UAE armed forces and other regional militaries.
The Persian Gulf state's Advanced Military Maintenance, Repair and Overhaul Center said Sunday Lockheed will own the same amount of the company as United Technologies' Sikorsky Aerospace Services division.
Financial details weren't disclosed. AMMROC puts the total investment in the project at more than $800 million.
A division of Abu Dhabi's Mubadala investment company created AMMROC last July in partnership with Sikorsky. It aims to create jobs for Emirati citizens and provide aircraft maintenance to the UAE armed forces and other regional militaries.
