February 22, 2016 - 6:06 AM
MONTREAL - CAE is planning to buy the commercial flight training unit of U.S. defence contractor Lockheed Martin.
The Montreal-based company (TSX:CAE) didn't say what it expects to pay for Lockheed Martin Commercial Flight Training under a conditional agreement announced Monday.
It says the transaction requires employee-related consultation and regulatory approvals.
CAE provides a variety of training equipment and services around the world to both civil and military customers.
Among its products are full-flight simulators used to train commercial pilots.
It also has training centres in 35 countries that are either directly owned by CAE or in partnership with other firms.
CAE says the Lockheed Martin deal will include full-flight simulators, simulator parts and equipment, facilities and a workforce.
News from © The Canadian Press, 2016