BETHESDA, Md. (AFX) - Military contractor Lockheed Martin Corp. said Thursday it completed its acquisition of Savi Technology Inc., which develops shipment-tracking systems using radio frequency identification.
Terms were not disclosed. The transaction was announced in May.
Savi's hardware and software are used by the U.S. Department of Defense, international defense agencies and companies to monitor security and environmental conditions, Lockheed Martin said.
Lockheed Martin shares closed up $1.62, or 2.3 percent, at $72.62 on the New York Stock Exchange. The stock has ranged between $58.50 and $77.95 over the past 52 weeks.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.