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.