NEW YORK, Oct. 22, 2020 (GLOBE NEWSWIRE) — Fortress Transportation and Infrastructure Traders LLC (NYSE: FTAI) and Lockheed Martin (NYSE: LMT) Industrial Engine Options (“LMCES”) announce an settlement to ascertain The Module Manufacturing unit™, a devoted business engine upkeep heart centered on modular restore and refurbishment of CFM56-7B and CFM56-5B engines. The Module Manufacturing unit might be based mostly at LMCES’ 500,000 sq. foot facility in Montreal, Canada with a capability for as much as 300 store visits per yr. FTAI owns roughly 150 CFM56 engines at this time with plans to accumulate as much as 70 extra CFM56 engines by year-end. The preliminary time period of the collaboration is seven years with an choice to increase.
“We’re proud to collaborate with Lockheed Martin on this progressive endeavor. Lockheed Martin has an extended and confirmed historical past in aviation, and collectively we will supply an alternate cost-saving product to the aviation aftermarket. We consider The Module Manufacturing unit, mixed with our proprietary merchandise and partnerships, will solidify FTAI’s place to supply the bottom value per cycle resolution to our airline prospects,” stated Joe Adams, FTAI’s Chairman and Chief Govt Officer.
“At Lockheed Martin, offering full life-cycle engine upkeep, restore and overhaul is an integral a part of our Sustainment enterprise. Industrial Engine Options (LMCES) is happy to associate with FTAI in bringing The Module Manufacturing unit resolution to the market. Outcomes might be lowered engine flip occasions, elevated asset availability and the bottom attainable value for airline prospects,” stated Jack Turnbill, President of LMCES.
About Fortress Transportation and Infrastructure Traders LLC
Fortress Transportation and Infrastructure Traders LLC (NYSE: FTAI) owns and acquires prime quality infrastructure and tools that’s important for the transportation of products and folks globally. FTAI targets property that, on a mixed foundation, generate robust and steady money flows with the potential for earnings development and asset appreciation. FTAI is externally managed by an affiliate of Fortress Funding Group LLC, a number one, diversified international funding agency.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin (NYSE: LMT) is a world safety and aerospace firm that employs roughly 110,000 individuals worldwide and is principally engaged within the analysis, design, improvement, manufacture, integration and sustainment of superior expertise methods, services. For added data, go to our web site: www.lockheedmartin.com. Please observe @LMNews on Twitter for the newest bulletins and information throughout the company.
Cautionary Observe Concerning Ahead-Wanting Statements
Sure statements on this press launch could represent forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995, together with, however not restricted to, statements relating to the settlement to ascertain The Module Manufacturing unit, FTAI’s plans to accumulate 70 extra engines by year-end and the flexibility to cut back engine flip occasions, improve asset availability and supply the bottom attainable value for airline prospects. These statements are based mostly on every of FTAI and LMT administration’s present expectations and beliefs and are topic to quite a lot of traits and uncertainties that might trigger precise outcomes to vary materially from these described within the forward-looking statements, a lot of that are past FTAI’s and LMT’s management. FTAI and LMT may give no assurance that every of its expectations might be attained and such variations could also be materials. Accordingly, you shouldn’t place undue reliance on any forward-looking statements contained on this press launch. For a dialogue of among the dangers and essential components that might have an effect on such forward-looking statements, see the sections entitled “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in FTAI’s most up-to-date Annual Report on Type 10-Ok and Quarterly Reviews on Type 10-Q, which can be found on the Firm’s web site (www.ftandi.com), and any related stories ready by LMT. As well as, new dangers and uncertainties emerge once in a while, and it isn’t attainable for FTAI or LMT to foretell or assess the influence of each issue that will trigger its precise outcomes to vary from these contained in any forward-looking statements. Such forward-looking statements converse solely as of the date of this press launch. FTAI and LMT expressly disclaim any obligation to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change of their expectations with regard thereto or change in occasions, circumstances or circumstances on which any assertion relies. This launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities.
For additional data, please contact:
Fortress Transportation and Infrastructure Traders LLC
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