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Investing.com -- U.S. defense contractor Lockheed Martin (NYSE:LMT) is hastening discussions for new collaborations in Europe, according to Raymond (NSE:RYMD) Piselli, Lockheed’s vice president for international business. This comes as part of a broader European initiative to lessen its military dependence on American arms manufacturers.
Lockheed Martin is aiming to establish more production and supply chains within Europe, which would further integrate the company into the European aerospace and defense ecosystems. Piselli noted that the company’s plans to expand its presence in Europe are not being negatively impacted by the EU’s efforts to develop its own defense industry.
These efforts by Lockheed Martin follow the European Commission’s proposal to establish a new loan mechanism to assist EU countries in boosting weapons production. The proposed rules would largely exclude U.S. manufacturers.
This shift towards European defense production has encouraged Lockheed’s European competitors, such as Dassault Aviation, Saab, and the Eurofighter consortium, which includes BAE Systems (LON:BAES), Airbus, and Leonardo.
These companies hope to increase sales of their own fighter jets, namely the Rafale, the Gripen, and the Typhoon. Piselli emphasized that the acceleration of Lockheed’s partnerships in Europe would not only support the continent’s defense reindustrialization efforts but also benefit Lockheed’s U.S. business, which has been affected by local supply-chain bottlenecks.
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