BETHESDA, Md., 6 Oct. 2005. Lockheed Martin Corp. has completed its acquisition of Coherent Technologies, Inc., in order to strengthen its sensor solutions and laser radar technology offerings.
The newly acquired company will be named Lockheed Martin Coherent Technologies, Inc. and will remain headquartered in Louisville, Colo. Lockheed Martin Space Systems, Denver, Colo., will manage the supplier of high-performance, laser-based remote sensing systems.
"The acquisition of Coherent marks another step forward in our long-term strategy of strengthening our core competencies through disciplined investment," said Bob Stevens, Lockheed Martin's chairman, president and CEO. "Coherent's talented employees and well-recognized technological expertise in the areas of laser-based remote sensing systems will enable Lockheed Martin to provide expanded capabilities to our core group of customers."
"This transaction represents a tremendous opportunity for the employees and existing customers of Coherent Technologies," said R. Milton Huffaker, Coherent Technologies' founder and chairman. "We are a unique company with exceptional employees and over two decades devoted to pioneering technology. Through this combination, Coherent Technologies will extend its reach by becoming the center of excellence for Laser Radar within Lockheed Martin, providing its customers access to new technological advancements, while our employees will have access to a broader array of professional opportunities. This is truly a win-win combination."
The acquisition was originally announced Sept. 8, 2005. Terms of the transaction were not disclosed.
Coherent Technologies performs research, product development, and systems integration for products designed to maintain continuous, real-time operations in demanding environments and provide critical information regarding target identification and hazardous meteorological events. For more information on the company, see www.ctilidar.com or www.coherent-tech.com.
Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 people worldwide and is principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. The corporation reported 2004 sales of $35.5 billion. For more information, see www.lockheedmartin.com.
