Lockheed Martin Announces Acquisition of Postal Service Companies
BETHESDA, MD, February 26th, 1998 -- Lockheed Martin Corporation (NYSE: LMT) announced today that it has agreed to acquire three postal companies that are leading developers of commercial mailing equipment and services: Postal Technologies, Inc. (PTI), Habitech, Inc. and National Presort of Oklahoma (NPO). Financial terms of the transactions were not disclosed. Following U.S. Government review and approval, the transactions are expected to close within two months and these companies will become part of the Postal Systems business of Lockheed Martin Federal Systems in Owego, N.Y.
The acquisitions are consistent with Lockheed Martin's long-term growth strategy to expand its core postal business and move into related emerging markets. They will increase market access in commercial and international mail processing business segments and further diversify Lockheed Martin's portfolio of postal technology and product offerings.
"These acquisitions strengthen a key growth segment of our Electronics Sector as we pursue postal opportunities worldwide," said Thomas A. Corcoran, president and chief operating officer of Lockheed Martin Electronics Sector, of which Lockheed Martin Federal Systems, Owego is an operating unit.
PTI, located in Tulsa, Okla., develops, manufactures and markets high speed document processing systems, including letter and flats (e.g. magazines and catalogs) sorters and barcode readers and sorters. Habitech, Inc., which is located in Dallas, Texas, designs, manufactures and markets an array of high speed image products, such as high resolution cameras, for automated pattern/character recognition systems. Also located in Tulsa, Okla., NPO provides mail sorting services for their customers, who realize U.S. Postal Service postage discounts for barcoded and presorted mail. Total 1997 sales for all three companies were $44 million.
"The addition of PTI, Habitech and NPO to the Lockheed Martin family provides both strong technological and business synergies," said John V. Sponyoe, president of Lockheed Martin Federal Systems. "These acquisitions will help to extend our presence in the growing commercial and international marketplace."
A leader in the design, production and installation of advanced recognition, automation, material handling and information management systems for postal and commercial customers, Lockheed Martin Federal Systems in Owego, N.Y., is a premier provider of total systems integration solutions for aerospace, defense, civil and commercial customers worldwide, with about 3,100 employees in the U.S., United Kingdom and Australia. The company's diversified business base includes more than 60 programs in the key business areas of aerospace, postal and information systems. It is an operating unit of the Lockheed Martin Electronics Sector, a leader in the design, development and manufacture of electronics systems for the global aerospace, defense, civil and commercial marketplace.