Lockheed Martin Completes Savi Technology, Inc. Acquisition
BETHESDA, Md., 08-JUN-06 -- Lockheed Martin Corporation [NYSE: LMT] has completed its acquisition of Savi Technology, Inc.(Savi), a proven leader in active radio frequency identification (RFID) solutions.
Savi, based in Sunnyvale, Calif., has developed innovative logistics solutions that track in-transit asset shipments in a secure, accurate and timely manner. Its full line of integrated hardware and software products have been implemented by the U.S. Department of Defense, international defense agencies, civil agencies and commercial enterprises to monitor cargo shipments globally. Savi’s products include active RFID asset tags, data rich high performance tags, sensor tags that monitor security and environmental conditions and related fixed and mobile readers. The company’s fully integrated site and enterprise software products provide customers a complete solution for tracking shipments worldwide. Savi’s operations include a majority interest in Savi Networks, LLC, which is building a public network infrastructure in ports around the world that can be used by shippers to monitor the status and security of cargo containers. Founded in 1989, Savi employs approximately 300 people.
The new organization will be known as Savi Technology, a Lockheed Martin Company, and will be a wholly-owned subsidiary of the Corporation. Lockheed Martin Integrated Systems & Solutions, based in Gaithersburg, Md., will manage all operational aspects of the business
The acquisition was originally announced May 4, 2006. Terms of the transaction were not disclosed.