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Lockheed Completes $1B Investment Obligation to Canadian Industry

Lockheed Completes $1B Investment Obligation to Canadian Industry - top government contractors - best government contracting event

Lockheed Completes $1B Investment Obligation to Canadian Industry - top government contractors - best government contracting eventLockheed Martin has invested a total of $1.4 billion in the Canadian industry to meet conditions under the 2007 sale of 17 Lockheed-built CC-130J Super Hercules transport aircraft to Canada.

The company said Wednesday it fulfilled commitments under Canada’s Industrial Regional Benefits policy a year ahead of schedule.

Companies that receive defense or security contracts from the Canadian government are required by the IRB policy to invest 100 percent of the value of their contracts in business activities in the country.

Lockheed financially supported the technology research, development and commercialization efforts of Canadian companies and universities to meet IRB commitments.

Recipients of Lockheed’s investments under the CC-130J contract include GasTops, Contextere, Solace Power, Metamaterial Technologies and Mannario, among others.

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Written by Ramona Adams

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