Lockheed Martin Completes Sales of Commercial Electronics Unit, MountainGate Data Systems
BETHESDA, MD, February 23rd, 1998 -- Lockheed Martin (NYSE: LMT) announced today it has completed the sale of its Commercial Electronics subsidiary to Benchmark Electronics, Inc., (NYSE: BHE) of Angleton, Texas. Under the terms of the agreement announced in January, Benchmark acquired the stock of Lockheed Martin Commercial Electronics in Hudson, New Hampshire, for $70 million in cash. Lockheed Martin Commercial Electronics, an operating unit of Lockheed Martin Electronics Sector, is one of New England's largest electronics manufacturing services companies, providing a broad range of services including: printed circuit board assembly and test; system assembly and test; prototyping; depot repair; materials procurement; and engineering support services. In other portfolio-shaping actions, Lockheed Martin also said it had completed the sale of assets of its MountainGate Data Systems, Inc. subsidiary to MountainGate Acquisition Corporation. Terms were not disclosed. MountainGate, an operating unit of Lockheed Martin Information & Services Sector, designs, develops, manufactures and sells high-capacity, high- performance storage devices and solutions to commercial and government customers for a variety of applications, including: broadcast/post-production; imaging; network data management; graphics arts; prepress and multimedia; and rugged environments.