Lockheed Martin and GE joint venture

LONDON (AFX) – Lockheed Martin Corp and General Electric Co unit GE Aircraft Engines confirmed that they are to set up a military aircraft engine joint venture.
No financial details were disclosed. Lockheed said it will hold the majority stake in the venture, which will be called Kelly Aviation Center LP.
Under the agreement, Kelly will receive Lockheed’s overhaul and maintenance workload for several engines.
In January 2003, GE Aircraft Engines will add the assembly, inspection and test workload for 88 F110_GE-132 engines for the Lockheed Martin F-16 Block 60 aircraft being sold to the United Arab Emirates.