Lockheed Martin Enters Into Definitive Agreement To Sell Its EIG Business To Veritas Capital
BETHESDA, Md., 10/13/2010 --
Lockheed Martin Corporation [NYSE: LMT] today announced that it has entered into a definitive agreement to sell its Enterprise Integration Group (EIG) business to Veritas Capital for $815 million in cash.
As announced on June 2, the Corporation's plan to divest EIG is based on the U.S. Government's increased concerns about perceived organizational conflicts of interest. EIG provides system engineering services, architecture, and integration services and support to a broad range of government customers. Divesting the business better positions it for growth, benefiting customers, shareholders and employees.
"The decision to divest EIG followed a comprehensive review of our portfolio to find ways to continuously provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders," said Lockheed Martin Chairman & CEO Robert J. Stevens. "EIG and its employees continuously demonstrate tremendous capability and serve the nation with dedication, diligence and honor. I am confident that the company and its employees will continue to thrive under the management of Veritas."
The closing of the transaction is subject to review under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. It is expected that the transaction will close by the end of this year.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 136,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2009 sales from continuing operations were $44.5 billion.