Lockheed Martin Agrees To Acquire Universal Systems & Technology, Inc. (UNITECH)
Bethesda, MD, 12/24/2008 -- Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to acquire Universal Systems & Technology, Inc. (UNITECH). UNITECH provides interactive training and simulation, homeland security, and technical solutions to the United States Army, Navy, Air Force, Marine Corps, Coast Guard, Department of Homeland Security, and other U.S. and international government agencies. UNITECH's core service offerings include multimedia training and performance support systems, three-dimensional weapons simulations, security strategies and information technology services. Terms of the transaction are not being disclosed.
The acquisition of UNITECH positions Lockheed Martin to benefit from increasing demand for operational readiness, training and support, and extends our capabilities and relationships with several key customers, said Bob Stevens, Lockheed Martin's Chairman, President and Chief Executive Officer. This transaction is another step forward in our long-term strategy of building shareholder value by using disciplined cash deployment to make acquisitions that strengthen our core competencies.
Earl W. Stafford, UNITECH's Chairman and Chief Executive Officer, said, "This combination will allow our customers to have access to an expanded range of capabilities and will provide growth opportunities for our dedicated employees. We are also excited given our shared values and the similarities of our cultures emphasizing customer commitment and mission focus.
The transaction is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other closing conditions. The transaction is expected to close by early 2009.
Founded in 1988, UNITECH employs more than 400 people. Lockheed Martin's Simulation, Training and Support division based in Orlando, Fl., will manage the UNITECH business.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that 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.