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[December 21, 2012]
Lockheed Martin Acquires Assets Of CDL Systems Ltd.
BETHESDA, Md., Dec. 21, 2012 /PRNewswire via COMTEX/ -- Lockheed Martin [NYSE: LMT] announced the acquisition of substantially all of the assets of CDL Systems Ltd., a software engineering firm that specializes in the development and licensing of vehicle control station software for unmanned systems. Terms of the agreement were not disclosed and are not material to Lockheed Martin.
CDL Systems has developed an open, standards-based, and commercial off-the-shelf software product that has been integrated into numerous unmanned vehicle platforms. The company's products are designed on low-cost, interoperable, and open architecture systems to support government and civil applications around the world, with more than one million hours of operational use. CDL Systems was founded in 1992 in Calgary, Alberta, Canada, with offices in Calgary and Huntsville, Ala.
"This transaction provides us a common software solution with significant in-theater experience that furthers our ability to meet our customers' growing need for mission critical unmanned vehicle capabilities," said Lockheed Martin Chairman and CEO Bob Stevens. "CDL Systems will be an important addition to our Mission Systems and Training (MST) business, where it will be integrated with the recent acquisitions of Chandler/May, Inc. and Procerus Technologies, L.C." "CDL Systems is an industry leader in the development and systems integration of interoperable vehicle control software," said CDL Systems CEO Albert Sulmistras. "Our success is a direct result of our talented and dedicated employees and we're excited that this combination will enable us to continue to expand our reach and grow our business." As previously announced, Lockheed Martin will reorganize its Electronic Systems business area into two new business areas and create the MST and Missiles and Fire Control (MFC) business areas effective Dec. 31, 2012. The MST business area will have 19,000 employees and will be headquartered in Washington, D.C.
Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 120,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation's net sales for 2011 were $46.5 billion.
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Lockheed Martin Forward-Looking Statements:Statements in this release about future actions and the consequences of these actions are "forward-looking statements" and are based on Lockheed Martin's current expectations and assumptions. Forward-looking statements in this release include, but are not limited to, the potential for growth as result of the transaction. 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 the forward-looking statements. Potential risks and uncertainties include, but are not limited to: our ability to successfully integrate the business and generate synergies, the resolution or continuation of sequestration and the current budget crisis that may lead to changes in funding levels or changes in customer needs and priorities, the ability to attract and retain a skilled workforce in an uncertain funding environment, as well as other risks and uncertainties described from time to time in Lockheed Martin's Form 10-K (including under the caption "Risk Factors") and other filings with the Securities and Exchange Commission. All information in this release is as of Dec. 21, 2012. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations. For further information regarding risks and uncertainties associated with Lockheed Martin's business, please refer to the Corporation's SEC filings, which may be obtained at the Corporation's website:
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