Lockheed Martin Announces Sale of Hanford Corporation, Transaction Marks First Divestiture Since Announcing Major Realignment
BETHESDA, MD, November 30th, 1999 -- Lockheed Martin Corporation (NYSE:LMT) today announced it has signed a definitive agreement to sell its Lockheed Martin Hanford Corporation subsidiary (Hanford Corporation), a U.S. Department of Energy (DOE) environmental management prime contractor, to CH2M HILL Companies, Ltd. The transaction is the first in a series of possible divestitures aimed at sharpening Lockheed Martin's focus on its core businesses. The transaction, which has the approval of the DOE, is expected to be complete at, or near, the end of the year following expiration of the applicable Hart-Scott-Rodino waiting period. Details of the transaction were not disclosed. Hanford Corporation is responsible for the management, retrieval and eventual disposal of 54 million gallons of radioactive waste stored in 177 underground tanks at the DOE Hanford Site in Richland, Washington. For fiscal year 2000, funding to Hanford Corporation's contract with the U.S. Department of Energy is expected to exceed $325 million.
Quarterdeck Investment Partners, Inc. served as financial advisor to Lockheed Martin in the divestiture of Hanford Corporation.
CH2M HILL, with headquarters in Colorado and more than 100 offices around the world, helps public and private clients realize a greater return on their investments in environmental technology and sustainable infrastructure. The firm's 7,000 employees provide a full range of services for the finance, development, planning, design, construction, operation, and management of facilities and infrastructure.
SAFE HARBOR: Statements in this press release are considered forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, including the statements relating to projected future financial performance. Sometimes these statements will contain words such as "believes," "expects," "intends," "plans" and other similar words. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we may project.
In addition to the factors set forth in our filings with the Securities and Exchange Commission (www.sec.gov), the following factors could affect the forward-looking statements contained in this press release: the ability to obtain or the timing of obtaining future government awards and approvals, the availability of government funding and customer requirements, economic conditions, competitive environment, timing of awards and contracts; conditions at the Hanford site, litigation and environmental remediation, Year 2000 remediation and program performance. These are only some of the numerous factors which may affect the forward-looking statements in this press release.