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Lockheed Martin signs MOU to build permanent structure on airshow site
Continuing its pioneering approach in airshow participation in which other major exhibitors have followed, Lockheed Martin has signed an MOU that outlines the construction of a permanent structure for its exclusive use during the 2016 show and beyond. Located on Chalet Row D, the structure will be located opposite Lockheed Martin’s current permanent facility and will be linked by the familiar footbridge between the current structure and the new corporate hospitality facility.
Over recent years, the Farnborough International Airshow (FIA) has seen a number of long term commitments from its exhibitors. Lockheed Martin was the first to build permanent facilities back in the late nineties which has been utilised for 10 shows. This long term capital investment has allowed Lockheed Martin to enjoy a prime location at the show for over 20 years, which has significantly reduced its costs of exhibiting. Since then the event has seen long term agreements by way of either multi-show deals or the development of permanent structures from other companies including GKN, Boeing, Finmeccanica, Martin-Baker and Airbus and Thales.
The long term commitments have also allowed airshow organisers, Farnborough International Ltd, to move forward with its development plans for the show site. 2014 saw the development of permanent chalets and 2016 will see the start of construction of state-of-the-art conference and exhibitions facilities that will be ready for the 2018 airshow.
Speaking about the commitment, FIL Chief Executive, Shaun Ormrod said, “We are delighted by the continued support from Lockheed Martin. They understand our future vision to provide the perfect arena for our clients to showcase their products and create a world-class venue for the Farnborough International Airshow. This agreement will provide Lockheed Martin with tailor-made facilities for many years to come.”
Edward Whalen from Lockheed Martin further added, “This longer term thinking makes good business sense; the cost savings and return on investment have made the decision to invest in this new development a straightforward one. This new structure will allow us to host our potential and existing clients in first class facilities and demonstrates our long-term commitment to the UK aerospace industry.”
Subject to the necessary planning regulations and due diligence, construction of the new structure will start October 2015 with handover to Lockheed Martin in April 2016.
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