Lockheed Martin Agrees To Acquire Gyrocam Systems LLC
Bethesda, Md., 07/22/2009 --
Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to acquire Gyrocam Systems LLC (Gyrocam). Gyrocam develops and supplies gyrostabalized optical surveillance systems and sustainment field services principally to the U.S. military. Terms of the transaction were not disclosed, but are not material to Lockheed Martin.
Gyrocam, a privately owned company headquartered in Sarasota, Fla. with personnel in Washington, D.C., Iraq and Afghanistan, provides combat forces greater situational awareness in virtually all conditions with real-time reconnaissance and threat identification and tracking from safe, stand-off distances. The company's Intelligence, Surveillance and Reconnaissance (ISR) products are primarily in use on ground vehicles operated by the Army, Marine Corps and Air Force.
Lockheed Martin Missiles and Fire Control, a unit of Lockheed Martin's Electronic Systems business area, with major facilities in Dallas, Texas and Orlando, Fla., will manage the Gyrocam business.
"The acquisition of Gyrocam enhances Lockheed Martin's ability to address our U.S. government customer's emphasis on ISR capabilities and to meet urgent warfighter needs," said Robert J. Stevens, Lockheed Martin's Chairman, President and Chief Executive Officer. "This transaction is a sound strategic fit that strengthens a core competency while addressing a customer priority, supports our commitment to build shareholder value and reinforces our standing as a global security leader."
"We are extremely pleased to join Lockheed Martin. This combination will allow the warfighter access to an expanded range of capabilities and will provide professional growth opportunities for our dedicated employees. Lockheed Martin shares a common commitment to performance excellence, ethics and integrity; our promise to partner with our customers; and our dedication to providing quality services and rapid response," said Darrell Egner, Chief Executive Officer of Gyrocam.
The transaction is subject to various approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other closing conditions. The transaction is expected to close in the third quarter of 2009.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.