Boeing, Lockheed Martin Continue Work Toward Launch Alliance Approval
CHICAGO, and BETHESDA, Md., Oct. 25, 2005 -- The Boeing Company (NYSE: BA) and Lockheed Martin Corporation (NYSE: LMT) announced today that they have received a Second Request for information from the Federal Trade Commission relating to their filing pursuant to the Hart-Scott-Rodino Anti-Trust Act regarding the formation of the United Launch Alliance, LLC (ULA).
The companies said they believe the government needs more time to complete its review and reiterated their commitment to the transaction and the benefits it could bring to the U.S. government.
"Bringing together two launch systems to provide assured access to space at lower cost and with greater efficiency is an extremely complex undertaking, and it is imperative that together we work through all the details to the satisfaction of all the government agencies involved," said Michael Gass who is designated to become president and CEO of United Launch Alliance.
ULA is a joint venture to be established by Boeing and Lockheed Martin to provide two families of expendable launch vehicles to U.S. government customers.
Safe Harbor Statement / Forward-Looking Statements
Certain statements contained in this press release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is both companies' intent that such statements be protected by the safe harbor created thereby. Forward-looking statements include, but are not limited to statements regarding the expected costs savings arising out of the transaction; the ability to quantify and demonstrate cost savings; and the ability to obtain governmental approval of the transaction. These forward-looking statements are subject to a number of 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: (a) the risk that the transaction may close more slowly than expected or not at all; (b) the risk that the cost savings arising out of the transaction may be less than anticipated, and (c) other risks and uncertainties detailed from time to time in each company's filings with the Securities and Exchange Commission. All information in this release is as of October 24, 2005. Both companies disclaim any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.
John Dern or Tim Neale
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