Acquisition Complements Lockheed Martin's Capabilities in Outsourced Support Services for Government Customers
BETHESDA, Md., Sept. 29 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation (NYSE:LMT) has completed its acquisition of Pacific Architects and Engineers Incorporated (PAE), a California-based provider of services that support military readiness, peacekeeping missions, nation building activities, personnel recruitment and training, and disaster relief services.
PAE's largest service segment is facilities operations and maintenance, including a full spectrum of base operations support services for the U.S. Department of State, the U.S. Department of Defense, the U.S. Department of Defense Education Activity, as well as Canada's Department of National Defence and New Zealand's Ministry of Defence. PAE also provides logistics, air field and air terminal management for the U.S. Air Force, U.S. Navy, and the United Nations. For the U.S. Department of State, PAE is responsible for specialized operations and maintenance, logistics, and related services at several U.S. embassies overseas, and for personnel placement and training programs.
The new organization known as PAE, a Lockheed Martin Company, is a wholly- owned subsidiary of the Corporation. It is part of the Information & Technology Services segment of the Corporation.
The acquisition was originally announced Aug. 17, 2006. Terms of the transaction were not disclosed.
Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 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 2005 sales of $37.2 billion.
For additional information, visit our web site: http://www.lockheedmartin.com/. DATASOURCE: Lockheed Martin Corporation CONTACT: Jeff Adams of Lockheed Martin Corporation, +1-301-897-6308 or Web site: http://www.lockheedmartin.com/ Company News On-Call: http://www.prnewswire.com/comp/534163.html
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