Lockheed Martin Completes Acquisition of Gyrocam Systems LLC
Bethesda, MD, 08/31/2009 --
Lockheed Martin Corporation [NYSE: LMT] has completed its acquisition of Gyrocam Systems LLC (Gyrocam).
Gyrocam develops and supplies gyrostabilized optical surveillance systems and sustainment field services, principally to the U.S. military. "Gyrocam's technologies enhance Lockheed Martin's ability to offer affordable solutions that address increasingly complex global security challenges," said Chairman, President and CEO Robert J. Stevens. "This transaction is consistent with our focus on acquisitions that strengthen our capabilities, address customer priorities and drive top- and bottom-line growth." Lockheed Martin Missiles and Fire Control, a unit of Lockheed Martin's Electronic Systems business area, will manage the Gyrocam business. Missiles and Fire Control has major facilities in Dallas, Texas and Orlando, Fla.
The acquisition was originally announced July 22, 2009. Transaction terms are undisclosed, but are not material to Lockheed Martin. 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 2008 sales of $42.7 billion.