Purchase Strengthens Company's UK Strategic Weapons System Services Capabilities
Bethesda, MD, April 30, 2009 -- Lockheed Martin UK Limited (LMUK), a subsidiary of Lockheed Martin Corporation [NYSE: LMT], has acquired Imes Strategic Support Limited (ISSL), a subsidiary of the IMES Group, a privately held company based in Helensburgh, Scotland. Terms of the transaction, which will not have a material impact on the Corporation, are not being disclosed.
ISSL provides engineering, maintenance, repair, and support services for key sub-systems of the UK Royal Navy's Trident Strategic Weapons System program at HM Naval Base Clyde in Scotland with additional activities within the Devonport Dockyard in Plymouth, the Defence Equipment and Support (DE&S) Headquarters at Abbey Wood, Bristol and the United Kingdom Software Facility. ISSL was recently awarded a new 10-year extension to provide these services, with an option for a further five- year extension.
Lockheed Martin UK Limited will manage ISSL in coordination with Lockheed Martin Space Systems Company, based in Denver, Colorado.
"Lockheed Martin is already a leader in the development, design and servicing of strategic weapons systems in the United States and this transaction represents a natural strategic fit," said Joanne Maguire, executive vice president of Lockheed Martin's Space Systems Company. "ISSL will provide an important set of capabilities in the United Kingdom and will enable us to offer a broader set of solutions to our US and UK customers."
Stephen Ball, chief executive of Lockheed Martin UK Limited said, "ISSL is known as a firm of constant innovation. Adding its capabilities to the Lockheed Martin UK portfolio is an important step for LMUK and signifies our commitment to our British strategic weapons systems customer."
"ISSL has been a key service provider to the UK Ministry of Defence and has a solid history of delivering outstanding support for the Strategic Weapons System program," said Melfort Campbell, chairman of the Imes Group. "We are very pleased that ISSL will now become a part of Lockheed Martin UK Limited. Adding the strengths and commitment of Lockheed Martin to those of ISSL will ensure our customer and our employees will realize significant benefits from this acquisition."
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 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.
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Acquisition, Lockheed Martin (NYSE:LMT), Nuclear Deterrent
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