Lockheed Martin Agrees to Acquire Eagle Group International, LLC
Bethesda, MD, 04/28/2008 -- Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to acquire Atlanta, Georgia based Eagle Group International, LLC. Eagle Group provides logistics, information technology, training and healthcare services to the U.S. Department of Defense.
As part of the agreement, the parties have agreed to exclude from the transaction all obligations associated with Eagle Group's U.S. Department of Labor Potomac Job Corps Contract. Other terms of the transaction were not disclosed.
Eagle Group's proven capabilities in military readiness and integrated logistics, healthcare program management and outsourcing, information technology, and training services have enabled it to develop a reputation for outstanding support of its customers' critical missions. Eagle's revenue is generated mainly from work done for the U.S. Army.
The acquisition of Eagle Group extends our logistics and business process outsourcing capabilities, strengthens our relationships with several key Army customers, and enhances our support for military force modernization and reset imperatives, said Bob Stevens, Lockheed Martin's Chairman, President and CEO. We're confident that this acquisition will create value for our customers and our shareholders.
The combination will allow our customers to have access to an expanded range of capabilities and will provide growth opportunities for our exceptional and dedicated employees, said A.J. Johnson, Eagle's Chief Executive Officer and President. We look forward to joining Lockheed Martin and continuing to build upon our success.
The transaction is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of certain closing conditions. It is expected that the transaction will close in the second quarter of 2008.
Founded in 1995, Eagle Group employs more than 1,350 people.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 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 2007 sales of $41.9 billion.