Purchase will Strengthen Company's Military Logistics and Health Care
BETHESDA, Md., April 28 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation (NYSE: LMT) has entered into a definitive agreement to acquire Atlanta, Georgia based Eagle Group International, LLC. Eagle Group provides logistics, information technology, training and healthcare services to the U.S. Department of Defense.
As part of the agreement, the parties have agreed to exclude from the transaction all obligations associated with Eagle Group's U.S. Department of Labor Potomac Job Corps Contract. Other terms of the transaction were not disclosed.
Eagle Group's proven capabilities in military readiness and integrated logistics, healthcare program management and outsourcing, information technology, and training services have enabled it to develop a reputation for outstanding support of its customers' critical missions. Eagle's revenue is generated mainly from work done for the U.S. Army.
"The acquisition of Eagle Group extends our logistics and business process outsourcing capabilities, strengthens our relationships with several key Army customers, and enhances our support for military force modernization and reset imperatives," said Bob Stevens, Lockheed Martin's Chairman, President and CEO. "We're confident that this acquisition will create value for our customers and our shareholders."
"The combination will allow our customers to have access to an expanded range of capabilities and will provide growth opportunities for our exceptional and dedicated employees," said A.J. Johnson, Eagle's Chief Executive Officer and President. "We look forward to joining Lockheed Martin and continuing to build upon our success."
The transaction is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of certain closing conditions. It is expected that the transaction will close in the second quarter of 2008.
Founded in 1995, Eagle Group employs more than 1,350 people.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 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 2007 sales of $41.9 billion.
For additional information, visit our website: http://www.lockheedmartin.com
LOCKHEED MARTIN Safe Harbor Statement / Forward-Looking Statements: Some of the statements contained in this press release are considered "forward- looking statements" under the federal securities laws. Forward-looking statements include, but are not limited to statements regarding: (1) the expected closing date of the transaction; (2) the expected future synergies arising out of the transaction; and (3) future reduced costs, increased efficiency and customer satisfaction. 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 Lockheed Martin's filings with the Securities and Exchange Commission. All information in this release is as of December 16, 2005. Lockheed Martin disclaims any duty to update forward- looking statements to reflect subsequent events, actual results or changes in expectations.
|SOURCE Lockheed Martin Corporation|
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