Lockheed Martin Agrees To Acquire ISX Corporation
June 12, 2006
Purchase Strengthens Information Technology Capabilities
Bethesda, MD, -- Lockheed Martin Corporation [NYSE: LMT], today announced it has entered into a definitive agreement to acquire ISX Corporation (ISX), a privately owned, California-based provider of military decision systems and other information technology solutions for government customers. Terms of the transaction were not disclosed.
Founded in 1988, ISX provides IT solutions in technology engineering and systems integration; command and control, communications, computers and intelligence; information and knowledge management. Approximately 90 percent of ISX’s business comes from the Department of Defense.
“ISX has gained broad recognition for innovation as a research and development leader, to include winning two consecutive awards as DARPA’s contractor of the year—a first for any company,” said Bob Stevens, Lockheed Martin Chairman, President and Chief Executive Officer. “This acquisition complements and accelerates our growth in decision systems, distributed collaborative military operations, autonomous systems, and knowledge management.”
“ISX has long focused on developing and transitioning innovative information technology that addresses complex warfighting and intelligence challenges,” said Scott Fouse, ISX Corporation Chief Executive Officer. “We are very excited to be joining such a high-quality organization as Lockheed Martin, and we look forward to expanding our technologies and methodologies.”
Lockheed Martin Advanced Technology Laboratories (ATL), located in Cherry Hill, NJ, will manage the ISX business. ATL is Lockheed Martin’s advanced-computing, applied research and development facility. It develops and transitions technologies in autonomy and intelligence, network-centric operations, cognitive computing, information exploitation, and advanced signal processing for Lockheed Martin, DARPA, military services, and service laboratories. The transaction is expected to close in June.
Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 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 2005 sales of $37.2 billion.
Jeff Adams, (301) 897-6308
LOCKHEED MARTIN Safe Harbor Statement / Forward-Looking Statements:
Some of the statements contained in this press release may be considered “forward-looking statements” under the federal securities laws. Forward-looking statements include, but are not limited to statements regarding the timing and likelihood of closing. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to our ability to successfully integrate acquired businesses, obtain regulatory approval, achieve desired synergies, and other risks and uncertainties detailed from time to time in Lockheed Martin’s filings with the Securities and Exchange Commission. All information in this release is as of June 12, 2006.Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.
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