Lockheed-Martin Buys Pennsylvania-Based Systems Integrator

Sytex Group, a networking and integration company, acquired by leading government contractor


BETHESDA, Md. (AP) - Lockheed Martin Corp. said Friday that it agreed to acquire Sytex Group Inc., a Doylestown, Pa.-based provider of technology services to the Defense Department, for $462 million, net of about $13 million in cash.

Lockheed said Sytex's business includes designing and integrating systems, communications and intelligence support, network security and logistics management.

Nearly all of Sytex's revenue comes from government work, with about 85 percent from the Defense Department and the intelligence community, Lockheed said. The company posted $425 million in revenue last year.

The transaction, pending regulatory approval, is expected to close in early 2005, Lockheed said.

Lockheed shares were up 1 cent to $59.31 in early morning trading on the New York Stock Exchange.