July 24, 2009--Lockheed Martin Corporation (Bethesda, MD) entered into a definitive agreement to acquire Gyrocam Systems LLC (Gyrocam; Sarasota, FL). Gyrocam develops and supplies gyrostabalized optical surveillance systems and sustainment field services principally to the U.S. military. Terms of the transaction were not disclosed. Back in summer 2008, Lockheed Martin acquired Aculight to grow its laser expertise.
Gyrocam, a privately owned company, with personnel in Florida, Washington, DC, Iraq, and Afghanistan, provides combat forces greater situational awareness in virtually all conditions with real-time reconnaissance and threat identification and tracking from safe, stand-off distances. The company's Intelligence, Surveillance and Reconnaissance (ISR) products are primarily in use on ground vehicles operated by the Army, Marine Corps and Air Force.
Lockheed Martin Missiles and Fire Control, a unit of Lockheed Martin's Electronic Systems business area, with major facilities in Dallas, TX and Orlando, FL, will manage the Gyrocam business.
"The acquisition of Gyrocam enhances Lockheed Martin's ability to address our U.S. government customer's emphasis on ISR capabilities and to meet urgent warfighter needs," said Robert J. Stevens, Lockheed Martin's chairman, president, and CEO. "This transaction is a sound strategic fit that strengthens a core competency while addressing a customer priority, supports our commitment to build shareholder value and reinforces our standing as a global security leader."
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.
For more information, go to www.lockheedmartin.com.
--Posted by Gail Overton, [email protected]; www.laserfocusworld.com.