Lockheed Martin UK Announces Completion Of HMT Vehicles Limited Acquisition
Bethesda, Md., 23-JAN-06 -- Lockheed Martin UK Holdings Limited, a subsidiary of Lockheed Martin Corporation [NYSE: LMT], has acquired HMT Vehicles Limited, a United Kingdom-based developer of designs for military vehicles.
HMT Vehicles Limited (HMT) is a privately owned company that has funded the development for innovative designs that have been incorporated into light to medium high mobility wheeled military vehicles in the U.S. and U.K. HMT owns and licenses the intellectual property associated with these designs. Vehicles incorporating HMT’s designs are used as platforms for weapons programs such as the Lightweight Mobile Artillery Weapons System and the Soothsayer electronic warfare programs in the UK. Lockheed Martin plans on incorporating HMT’s designs into its vehicles for U.S. programs such as the Lightweight Prime Mover program and the U.S. Army’s Future Tactical Truck System (FTTS).
Lockheed Martin UK Holdings Limited, located in London, will manage the HMT Vehicle business in coordination with Lockheed Martin Systems Integration, based in Owego, NY.
“The HMT acquisition aligns with the Corporation’s cash deployment strategy of acquiring companies that enhance our core focus areas and position us for future growth,” said Bob Stevens, Lockheed Martin Chairman, President and Chief Executive Officer. “HMT’s highly innovative vehicle designs will enhance the functionality of Lockheed Martin’s vehicle products, which will benefit our customers and the critical missions they support worldwide.”
Terms of the transaction were not disclosed.