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Monday, January 7, 2013

Lockheed buys some assets from Canada's Aveos Fleet, (NYSE: LMT)

Lockheed Martin Corp, the biggest U.S. weapons maker, said on Monday that it was buying some engine maintenance, repair and overhaul assets of Canada's insolvent Aveos Fleet Performance Inc.The acquisition was the first big news from Lockheed since Marillyn Hewson succeeded Robert Stevens as the company's chief executive on Jan. 1. Hewson said the deal would expand Lockheed's corporate presence in Canada and allowed the company to move into an "attractive adjacent market."Lockheed did not disclose the terms of the agreement with the former aircraft maintenance firm owned by Air Canada , but said they were not material to Lockheed.Lockheed and other U.S. arms manufacturers are looking for ways to maintain revenues by branching out into commercial businesses and other areas as they gird for cuts in U.S. military spending after a decade of sharp growth.

Lockheed Martin Corporation is a global security and aerospace company principally engaged in the research, design, development, manufacture, integration, and sustainment of technology systems and products. Shares of LMT traded higher by 0.34% or $0.32/share to $94.22. In the past year, the shares have traded as low as $80.14 and as high as $95.92. On average, 1669000 shares of LMT exchange hands on a given day and today's volume is recorded at 1335670.