Argentine Lawmakers Back Plan To Buy Lockheed Unit
August 05 2009 - 11:51PM
Dow Jones News
BUENOS AIRES (AFP)--Argentine senators approved the
nationalization of a local unit of Lockheed Martin Corp. (LMT) on
Wednesday that would see the state buy out the U.S. aerospace firm
for $17 million.
The plan, driven by President Cristina Kirchner, will see Buenos
Aires retake a concession to service Air Force planes in central
Argentina, currently held by the firm, which is based in the
eastern U.S. state of Maryland.
Senators voted in favor of the plan after lawmakers from the
lower chamber passed the measure in May.
The 1,050 workers contracted by Lockheed Martin in the country
will keep their jobs, the defense ministry said.
Plans are being considered for the plant to become involved in
joint Argentine-Brazilian-Chilean operations.