BETHESDA, Md., Aug. 4 /PRNewswire-FirstCall/ -- Lockheed Martin announced today that a subsidiary has entered into a contract to acquire Tenix Group's interest in RLM Holdings Pty Ltd, a radar, systems engineering and integration and logistics management business headquartered in Adelaide, Australia. Completion of the purchase is subject to final approval of the Commonwealth of Australia, including review by the Foreign Investment Review Board (FIRB).
RLM was founded in 1997 as a joint venture between Lockheed Martin and Tenix Group. Employing more than 250 people, RLM specializes in systems engineering, software development, system integration, and test and support of large, complex, leading-edge systems.
RLM's primary focus is the ongoing maintenance, support and enhancement of the Jindalee Operational Radar Network (JORN), a wide-area surveillance over-the-horizon radar network which provides the means to detect ships and aircraft up to 3000km from the Australian coast. The venture also supports the Australian Defence Force's Tactical Air Defence Radar System.
"The acquisition of RLM expands Lockheed Martin's commitment to the Australian Department of Defence and other government customer communities," said Bob Stevens, Lockheed Martin's Chairman, President and Chief Executive Officer. "RLM's combination of people, systems engineering expertise and technology provide significant additional capability and local presence for us in Australia."
Lockheed Martin Australia Pty Ltd will manage RLM in coordination with Lockheed Martin Electronic Systems, based in Bethesda, MD, and will have in excess of 370 employees upon closing this deal. Closing is expected to occur in the third quarter. Terms of the transaction will not be disclosed.
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.
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Lockheed Martin Safe Harbor Statement / Forward-Looking Statements:
Some of the statements contained in this press release may be considered "forward-looking statements" under the federal securities laws. Forward-looking statements are subject to 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 the risk that the transaction may close later than expected or not at all and other risks and uncertainties detailed from time to time in Lockheed Martin Corporation's filings with the United States Securities and Exchange Commission. All information in this release is as of August 4, 2008. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.
