Lockheed Martin Agrees To Acquire Coherent Technologies
Bethesda, MD, 08-SEP-05 -- Lockheed Martin Corporation [NYSE:LMT] today announced it has entered into a definitive agreement to acquire Coherent Technologies, Inc., a renowned supplier of high-performance, laser-based remote sensing systems.
Headquartered in Louisville, Colo., Coherent Technologies is a well-recognized provider of sensor solutions and laser radar technology development. The company performs research, product development, and systems integration for products designed to maintain continuous, real-time operations in demanding environments and provide critical information regarding target identification and hazardous meteorological events.
“The acquisition of Coherent marks another step forward in our long-term strategy of strengthening our core competencies through disciplined investment,” said Bob Stevens, Lockheed Martin’s Chairman, President and Chief Executive Officer. “Coherent’s talented employees and well-recognized technological expertise in the areas of laser-based remote sensing systems will enable Lockheed Martin to provide expanded capabilities to our core group of customers.”
“This transaction represents a tremendous opportunity for the employees and existing customers of Coherent Technologies,” said R. Milton Huffaker, Coherent Technologies’ Founder and Chairman. “We are a unique company with exceptional employees and over two decades devoted to pioneering technology. Through this combination, Coherent Technologies will extend its reach by becoming the center of excellence for Laser Radar within Lockheed Martin, providing its customers access to new technological advancements, while our employees will have access to a broader array of professional opportunities. This is truly a win-win combination.”
Lockheed Martin Space Systems, Denver, Colo., will manage the Coherent business. Terms of the transaction were not disclosed. Following satisfaction of customary conditions, closing is expected later this year.
This is Lockheed Martin’s fourth announced transaction this year. The acquisition of Coherent follows closely the corporation’s strategy of acquiring small and medium-sized businesses that align with core competencies and broaden presence with key customers.