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Kirchner to nationalise a US run aircraft factory

Latest update : 2009-03-17

Argentina's President Cristina Kirchner decided to re-nationalise a factory run by US aircraft giant Lockheed. If the Congress approves the bill, Argentina will pay 64 million dollars for the factory, which was privatised in 1995.

AFP - Argentine President Cristina Kirchner announced Tuesday she has submitted a bill to re-nationalize an aircraft manufacturer operated by US aeronautics giant Lockheed Martin.

Speaking in the industrial city of Cordoba, Kirchner said she had signed off on a bill "with which we are going to transfer to the state all (Lockheed's) shares," returning the factory to national ownership.

Argentina privatized the Cordoba-based Fabrica Militar de Aviones in 1995 in a deal with Lockheed Martin, which used the factory to upgrade IA-63 Pampa jet trainer aircraft.

If the bill is approved by the Congress, Argentina will pay out 64 million dollars for a company that has annual revenues of 50 million dollars.

Lockheed Martin Aircraft Argentina S.A. employs 1,200 people and provides depot maintenance for the Argentine air force and military and commercial customers, the company said on its website.

Date created : 2009-03-17