Lockheed Martin Corporation [NYSE: LMT] has entered into a definitive agreement to acquire Aculight Corporation based in Bothell, WA. Aculight is a privately held company primarily focused on providing laser- based solutions for national defense and aerospace customers. The new business unit will report to Lockheed Martin’s Maritime Systems & Sensors business in Akron, OH. The companies are not disclosing terms of the transaction.
"This transaction is consistent with Lockheed Martin’s focus on acquiring companies with strategic capabilities that strengthen our core offerings and create potential for adjacent market expansion" said Chris Kubasik, Executive Vice President of Lockheed Martin’s Electronic Systems business area. "Aculight’s expertise in countermeasures, laser radar, and high power directed energy will be of tangible benefit to Lockheed Martin’s customers in areas such as guided munitions, airborne self-protection and advanced sensors"
"Aculight’s focus is to be a leader in providing high quality, innovative and cost-effective laser system solutions for our customers" said Don Rich, Chief Executive Officer of Aculight. "Becoming a part of Lockheed Martin will provide us with additional reach and resources to help achieve these goals. We are looking forward to becoming part of the Lockheed Martin team"
The transaction is subject to Aculight shareholder approval and satisfaction of other closing conditions. It is expected that the transaction will close in the third quarter of 2008. Founded in 1993, Aculight has approximately 90 employees.
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.
Source: Lockheed Martin
Digg
Reddit
Slashdot