Lockheed Martin Agrees To Acquire Sippican
Bethesda, MD, October 28th, 2004 -- Lockheed Martin Corporation [NYSE:LMT] today announced that it has entered into a definitive agreement to acquire Sippican Holdings, Inc, a Massachusetts-based supplier of naval electronics systems, from the global private equity firm The Carlyle Group and management.
Headquartered in Marion, Massachusetts, Sippican’s expertise in the development and production of surface ship countermeasures, anti-submarine warfare training and submarine communications systems, as well as meteorological and oceanographic instrumentation, will enhance Lockheed Martin’s global capabilities in naval warfare, unmanned underwater vehicles and low-cost manufacturing.
“The Sippican acquisition aligns with the corporation’s cash deployment strategy of acquiring select, niche companies that enhance our core focus areas,” said Lockheed Martin President and Chief Executive Officer, Bob Stevens. “Sippican’s diverse product portfolio, engineering and manufacturing expertise, and unique technologies will add a new set of innovative capabilities to the Lockheed Martin team. We look forward to expanding our capabilities and solutions to meet the demanding requirements of the US Navy and other customers.”
“Since the 1960s, Sippican has been a key supplier to US and international navies, as well as meteorological and oceanographic customers worldwide. We are very pleased that Sippican will be a part of Lockheed Martin. Our customers and over 400 employees will realize significant benefits from this acquisition,” said Bill Walsh, President and CEO of Sippican Holdings, Inc.
Lockheed Martin Maritime Systems and Sensors – Undersea Systems, located in Manassas, Va., will manage the Sippican business.
Terms of the transaction were not disclosed. Following satisfaction of customary conditions, closing is expected later this year.
Lockheed Martin Corporation: Jeff Adams, (301) 897-6308; jeffery.adams@lmco.com
The Carlyle Group: Brooke Gambrell, (202) 729-5399; brooke.gambrel@carlyle.com
Sippican Holdings, Inc: Donna M. O'Connor (508) 748-1160; donna.oconnor@sippican.com
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