OTTAWA, Ontario, Aug. 16, 2017 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has successfully completed the Aircraft Capability - Tactical (ACP-T) Acquisition Industrial Regional Benefits (IRB) commitments valued at $1.4 billion associated with Canada's purchase of 17 CC-130J Super Hercules aircraft in 2007.
Lockheed Martin completed its IRB commitments one year ahead of schedule and met all of its requirements within small and medium enterprises, aerospace and defence, and strategic aerospace and defence technology sectors and for specific regional projects in the Atlantic, Quebec, Ontario and Western regions.
To fulfill this commitment, Lockheed Martin engaged in 76 individual transactions involving Canadian companies and universities to financially support, develop, and competitively sell innovative technology products and services in addition to providing critical research and development funding.
"The completion of the project is an exceptional accomplishment and result of extensive collaboration for both the Lockheed Martin and ISED teams," said Charles Bouchard, chief executive of Lockheed Martin Canada. "The investments made across Canada as a result of Canada's purchase of 17 CC-130J Super Hercules aircraft is a prime example of how defence procurement projects serve as a catalyst to ignite a culture of innovation and critical research and development."
Earlier this year, at CANSEC, Minister Navdeep Bains Minister for Innovation Science and Economic Development (ISED) highlighted GasTops, Contextere, Solace Power, Metamaterial Technologies and Mannario as five Canadian companies who have benefited as recipients of Investment Framework (IF) projects directly related to the C-130J.
Lockheed Martin Canada has been Canada's trusted defence partner for more than 75 years specializing in the development, integration and sustainment of advanced technology systems, products and services. The company employs more than 900 employees at major facilities in Ottawa, Montreal, Halifax, Calgary, and Victoria, working on a wide range of major programs including the on-going in service support of the CC-130J fleet, the maritime helicopter project which includes delivering and sustaining the new CH-148 Cyclone fleet, as well as the recently successful completion of the Halifax Class modernization project.
"We are proud to support the Royal Canadian Air Force and its CC-130J Super Hercules fleet, which is one of the largest in the world. We not only had the distinction of delivering these C-130Js to the RCAF, but we also have the opportunity to partner with them to support and maintain these vital assets. Knowing that the CC-130J is responsible for fostering cutting-edge technology within Canada's business and higher education communities through these economic grants is a fitting reflection of Lockheed Martin's commitment to innovation," said George Shultz, Lockheed Martin's vice president and general manager, Air Mobility & Maritime Missions.
Lockheed Martin's CC-130J Super Hercules has served as the workhorse for the Royal Canadian Air Force (RCAF) since 1960. In that time legacy Hercules aircraft have supported many critical missions for Canada — from flying troops and essential equipment to Canada's northern most region, being called upon to fly search and rescue missions, to delivering critical humanitarian supplies for global relief efforts. It functions as the backbone for the RCAF's tacticalairlift fleet.
About Lockheed Martin Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 97,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.