CAE (NYSE:CAE)(TSX:CAE) today announced that it has concluded a conditional agreement with Lockheed Martin Corporation (NYSE: LMT) to acquire Lockheed Martin Commercial Flight Training (LMCFT). The closing of the transaction is subject to usual conditions, such as employee related consultation procedures and regulatory approvals. Specific details of the transaction are not subject to release at this time.
With this acquisition, CAE will expand its customer installed base of commercial flight simulators and obtain a number of useful assets including full-flight simulators, simulator parts and equipment, facilities, technology and a talented workforce.
"We look forward to servicing an expanded customer installed base with this relatively small bolt-on acquisition and view positively the opportunity to pick up certain useful assets and to create synergies with our existing business," said Marc Parent, President and Chief Executive Officer, CAE. "CAE's sole focus is training, and with a near 70-year track record, we are the only pure-play company resolutely committed to the long-term training and simulation needs of our customers in Civil, Defence and Healthcare."
Date: Feb 22, 2016