Lockheed Martin and Abu Dhabi's Mubadala Development Company Sign Strategic Relationship Agreement
PARIS, 19-JUN-07 -- Lockheed Martin [NYSE: LMT] and Mubadala Development Company (MDC) of the Government of Abu Dhabi signed a memorandum of understanding today to expand their strategic relationship and jointly explore opportunities for military aircraft sustainment in the United Arab Emirates.
“This MOU signifies our mutual interests to explore ways in which we may both collaborate and address sustainment, maintenance, repair and overhaul, engineering and technical support of military aircraft, “ said Waleed Al Mokarrab Al Muhairi, COO, Mubadala Development Company. “We see an opportunity in creating sustainment programs across several military platforms in the GCC and MENA.”
Together, Mubadala and Lockheed Martin have identified various military aircraft airframes and engines as a part of a joint MRO business agreement.
“Jointly we would like to develop and align our activities to attract other strategic partners to provide best value full-service, end-to-end, military aircraft support,” Al Muhairi added.
The new support concept of Performance Based Logistics (PBL) being considered by a number of nations provides an excellent opportunity for Lockheed Martin to offer
cost-effective and tailored support solutions for customers in the Middle East and Southwest Asia regions.
“We are delighted to sign this MOU, allowing us to partner with Mubadala Development Company. In addition to our joint pursuit in establishing a world class regional support center, we will also collaborate to maximize future sustainment opportunities throughout the international market place,” said Charles W. Moore Jr., vice president and deputy, Lockheed Martin Aeronautics Global Sustainment.
In the agreement, Lockheed Martin will also explore participating with Mubadala in its other aerospace development activity with particular attention to research and development.
“This agreement further underscores Mubadala’s desire to select partners of global standing to achieve the economic diversification mandate of the Abu Dhabi Government,” said Al Muhairi.
Lockheed Martin Aeronautics Company is the one of the world’s leading companies in the design, development, production and support of advanced military aircraft and related technologies and is the original equipment manufacturer of the F-16 in service with the UAE Air Force, the C-130, and the 5TH Generation F-22 and F-35 aircraft.
Mubadala Development Company is a wholly owned investment vehicle of the Government of Abu Dhabi. Its mandate is to generate sustainable economic benefits through the development of business ventures related to a wide range of sectors including aerospace and aviation in partnership with local, regional and international investors.
Lockheed Martin is a major supplier of logistics systems and services to military and civil government customers. The corporation provides solutions for platform maintenance, modifications and repair, material readiness and distribution, and global supply chain command and control.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2006 sales of $39.6 billion.