UAE - Mubasher: Abu Dhabi-based EDGE, an advanced technology group for defence, has signed a conditional agreement to acquire the remaining 40% stake of Lockheed Martin Corporation and its subsidiary Sikorsky in Advanced Military Maintenance Repair and Overhaul Centre (AMMROC).

Lockheed Martin, a global security company, and Sikorsky have been shareholders in AMMROC, a leading provider of military maintenance, repair, and overhaul (MRO) services in the Middle East, since its establishment in 2010, according to a recent press release.

Following the completion of the transaction, AMMROC will be wholly owned by EDGE, continuing to upgrade military operation skills in the UAE.

The CEO and Managing Director of EDGE Group, Faisal Al Bannai, commented: "As EDGE assumes full ownership of AMMROC and continues to pursue the military and civil MRO market with specialist skills, we recognise that such achievements are the outcome of our international partnerships."

Meanwhile, Lockheed Martin’s Chief Executive for the Middle East, Robert S. Harward, commented: "We are proud of our long-standing relationship with the UAE, that spans over four decades, and will continue to support and engage with EDGE across multiple platforms."