BETHESDA (dpa-AFX) - Lockheed Martin (LMT), the American aerospace and defense major, Thursday announced that it is expanding its venture capital fund through its unit, Lockheed Martin Ventures, by earmarking $100 million to support development of promising defense technologies in British and European markets.
Lockheed Martin Ventures, the company's $1 billion startup investment arm, is opening its office in London with the goal of investing at least $100 million of its funding in Europe and the U.K.
'The decision follows the largest boost in available capital in the fund's history, when the company announced in April that it would boost investment capacity from $400 million to $1 billion. Using a portion of that enhanced funding capacity, Lockheed Martin Ventures Europe will accelerate the insertion of new technologies into defense technology.', Lockheed Martin said in a statement.
This move is a part of the company's commitment to strengthen the transatlantic defense industrial base. As per the defense firm, European customers are seeking sovereign capabilities and Lockheed Martin is positioned to accelerate their development.
Further, the investments will help strengthen the defense industrial base and supply chain, which in turn will generate economic benefit for the US and its allies.
On Wednesday, shares closed at $514.46, down 0.10% on the New York Stock Exchange.
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