Purchase To Strengthen Company's Training and Mission Readiness Offerings
BETHESDA, Md. , Dec. 24 /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT) has entered into a definitive agreement to acquire Universal Systems & Technology, Inc. (UNITECH). UNITECH provides interactive training and simulation, homeland security, and technical solutions to the United States Army, Navy, Air Force, Marine Corps, Coast Guard, Department of Homeland Security, and other U.S. and international government agencies. UNITECH's core service offerings include multimedia training and performance support systems, three-dimensional weapons simulations, security strategies and information technology services. Terms of the transaction are not being disclosed.
"The acquisition of UNITECH positions Lockheed Martin to benefit from increasing demand for operational readiness, training and support, and extends our capabilities and relationships with several key customers," said Bob Stevens , Lockheed Martin's Chairman, President and Chief Executive Officer. "This transaction is another step forward in our long-term strategy of building shareholder value by using disciplined cash deployment to make acquisitions that strengthen our core competencies."
Earl W. Stafford , UNITECH's Chairman and Chief Executive Officer, said, "This combination will allow our customers to have access to an expanded range of capabilities and will provide growth opportunities for our dedicated employees. We are also excited given our shared values and the similarities of our cultures emphasizing customer commitment and mission focus."
The transaction is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other closing conditions. The transaction is expected to close by early 2009.
Founded in 1988, UNITECH employs more than 400 people. Lockheed Martin's Simulation, Training and Support division based in Orlando, Fl. , will manage the UNITECH business.
Headquartered in Bethesda, Md. , Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2007 sales of
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LOCKHEED MARTIN Safe Harbor Statement / Forward-Looking Statements: Some of the statements contained in this press release are considered "forward-looking statements" under the federal securities laws. Forward-looking statements include, but are not limited to statements regarding: (1) the expected closing date of the transaction; (2) the potential for increased demand for operational readiness, training and support; and (3) the potential for strengthened or expanded capabilities and growth opportunities arising out of the transaction. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to: (a) the risk that the transaction may close more slowly than expected or not at all; (b) the risk that the potential demand for strengthened or expanded service offerings arising out of the transaction may not materialize; and (c) other risks and uncertainties described from time to time in Lockheed Martin's Form 10-K, including under the caption "Risk Factors", and other filings with the Securities and Exchange Commission. All information in this release is as of December 24, 2008. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.