Sanders Enters Agreement to Sell Machining Center
NASHUA, NH, 28-JUN-00 -- Sanders, a Lockheed Martin Company, has entered into an agreement with Precision Grinding and Manufacturing (PGM) of Rochester, N.Y., for the sale of Sanders' Machining Center, located at 5 Perimeter Road, Manchester, N.H. The sale will be completed to a new wholly owned entity created by PGM, with closing on the transaction scheduled for July 28, 2000, subject to satisfaction of applicable closing conditions. Under the agreement, Sanders will transfer the Machining Center assets to the new company -- PGM of New England (PGMNE). Additionally, Sanders will guarantee a significant amount of work to PGMNE over the next two years. As a result of this agreement, much of the Sanders work already planned for the Machining Center in the next two years will continue to be performed there by the new company. About 50 employees are expected to transfer to PGM.
This sale promises to be beneficial to both the new owner and to Sanders' long-term goals, said Sanders' President, Walt Havenstein. This business arrangement will provide PGM with modern capabilities and a talented work force to compete in the high-end machining and sheetmetal marketplace, while allowing Sanders to retain our primary focus on the company's core defense electronics business areas.
Sanders is an operating company of the Lockheed Martin Corporation, and a major producer of aircraft self-protection systems and tactical surveillance and intelligence systems for all branches of the armed forces. Other major business areas include microwave, mission and space electronics; infrared imaging; and automated mission planning systems.