Lockheed Martin Stockholders Approve Combination With Northrop Grumman
ORLANDO, FL, February 26th, 1998 -- Stockholders of Lockheed Martin (NYSE: LMT) today approved the Corporation's strategic combination with Northrop Grumman Corporation (NYSE: NOC). Lockheed Martin said it would close the transaction immediately upon notification from federal regulators that the government's antitrust review is concluded. It is expected that the combination will be completed before the end of the first quarter.
At a special meeting of Lockheed Martin stockholders convened in Orlando today, preliminary voting results indicated that more then 98% of shares cast were in favor of issuing the common stock necessary to complete the combination of the Corporation with Northrop Grumman. The two companies first announced the strategic combination in July 1997. Stockholders today also approved a proposed increase in the number of common shares authorized.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global diversified-technology enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. The Corporation's fundamental businesses span space and telecommunications, electronics, information and services, aeronautics, energy and systems integration. Employing more then 170,000 people worldwide, Lockheed Martin had 1997 sales surpassing $28 billion.
Northrop Grumman is a leading designer, systems integrator and manufacturer of military surveillance on combat aircraft, defense electronics and systems, airspace management systems, information systems, marine systems, precision weapons, space systems and commercial and military aerostructures. The company employs more than 50,000 people and had 1997 sales of approximately $9 billion.