Lockheed Martin Completes Acquisition Of Pacific Architects And Engineers Inc.
Acquisition Complements Lockheed Martin's Capabilities in Outsourced Support Services for Government Customers
Bethesda, MD, September 29th, 2006 -- Lockheed Martin Corporation [NYSE: LMT] has completed its acquisition of Pacific Architects and Engineers Incorporated (PAE), a California-based provider of services that support military readiness, peacekeeping missions, nation building activities, personnel recruitment and training, and disaster relief services.
PAE’s largest service segment is facilities operations and maintenance, including a full spectrum of base operations support services for the U.S. Department of State, the U.S. Department of Defense, the U.S. Department of Defense Education Activity, as well as Canada’s Department of National Defence and New Zealand’s Ministry of Defence. PAE also provides logistics, air field and air terminal management for the U.S. Air Force, U.S. Navy, and the United Nations. For the U.S. Department of State, PAE is responsible for specialized operations and maintenance, logistics, and related services at several U.S. embassies overseas, and for personnel placement and training programs.
The new organization known as PAE, a Lockheed Martin Company, is a wholly-owned subsidiary of the Corporation. It is part of the Information & Technology Services segment of the Corporation.
The acquisition was originally announced Aug. 17, 2006. Terms of the transaction were not disclosed.
Jeff Adams, (301) 897-6308; jeffery.adams@lmco.com
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