FTAI Aviation and Lockheed Martin Announce Collaboration on The Module Factory™
October 22 2020 - 4:00PM
Fortress Transportation and Infrastructure Investors LLC (NYSE:
FTAI) and Lockheed Martin (NYSE: LMT) Commercial Engine Solutions
(“LMCES”) announce an agreement to establish The Module Factory™, a
dedicated commercial engine maintenance center focused on modular
repair and refurbishment of CFM56-7B and CFM56-5B engines. The
Module Factory will be based at LMCES’ 500,000 square foot facility
in Montreal, Canada with a capacity for up to 300 shop visits per
year. FTAI owns approximately 150 CFM56 engines today with plans to
acquire up to 70 additional CFM56 engines by year-end. The initial
term of the collaboration is seven years with an option to extend.
“We are proud to collaborate with Lockheed Martin
on this innovative endeavor. Lockheed Martin has a long and proven
history in aviation, and together we can offer an alternative
cost-saving product to the aviation aftermarket. We believe The
Module Factory, combined with our proprietary products and
partnerships, will solidify FTAI’s position to offer the lowest
cost per cycle solution to our airline customers,” said Joe Adams,
FTAI’s Chairman and Chief Executive Officer.
“At Lockheed Martin, providing full life-cycle
engine maintenance, repair and overhaul is an integral part of our
Sustainment business. Commercial Engine Solutions (LMCES) is
excited to partner with FTAI in bringing The Module Factory
solution to the market. Results will be reduced engine turn times,
increased asset availability and the lowest possible cost for
airline customers,” said Jack Turnbill, President of LMCES.
About Fortress Transportation and
Infrastructure Investors LLCFortress Transportation and
Infrastructure Investors LLC (NYSE: FTAI) owns and acquires
high quality infrastructure and equipment that is essential for the
transportation of goods and people globally. FTAI targets assets
that, on a combined basis, generate strong and stable cash flows
with the potential for earnings growth and asset appreciation. FTAI
is externally managed by an affiliate of Fortress Investment
Group LLC, a leading, diversified global investment firm.
About Lockheed
MartinHeadquartered in Bethesda, Maryland, Lockheed Martin
(NYSE: LMT) is a global security and aerospace company that
employs approximately 110,000 people worldwide and is principally
engaged in the research, design, development, manufacture,
integration and sustainment of advanced technology systems,
products and services. For additional information, visit our
website: www.lockheedmartin.com. Please follow @LMNews on
Twitter for the latest announcements and news across the
corporation.
Cautionary Note Regarding Forward-Looking
StatementsCertain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the agreement to establish The
Module Factory, FTAI’s plans to acquire 70 additional engines by
year-end and the ability to reduce engine turn times, increase
asset availability and provide the lowest possible cost for airline
customers. These statements are based on each of FTAI and LMT
management's current expectations and beliefs and are subject to a
number of trends and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements, many of which are beyond FTAI’s and LMT’s control. FTAI
and LMT can give no assurance that each of its expectations will be
attained and such differences may be material. Accordingly, you
should not place undue reliance on any forward-looking statements
contained in this press release. For a discussion of some of the
risks and important factors that could affect such forward-looking
statements, see the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in FTAI’s most recent Annual Report on Form
10-K and Quarterly Reports on Form 10-Q, which are available on the
Company’s website (www.ftandi.com), and any relevant reports
prepared by LMT. In addition, new risks and uncertainties emerge
from time to time, and it is not possible for FTAI or LMT to
predict or assess the impact of every factor that may cause its
actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. FTAI and LMT expressly
disclaim any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in their expectations with regard thereto or
change in events, conditions or circumstances on which any
statement is based. This release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities.
For further information, please
contact:
Alan AndreiniInvestor RelationsFortress
Transportation and Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
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