Lockheed Martin acquires Sytex for $440 million

BETHESDA, Md., 31 March 2005. Lockheed Martin Corp. today announced it has completed the purchase of The SYTEX Group, Inc. (TSGI) after the parties amended their previous agreement excluding the smallest TSGI business, MacAulay Brown, Inc.

BETHESDA, Md., 31 March 2005. Lockheed Martin Corp. today announced it has completed the purchase of The SYTEX Group, Inc. (TSGI) after the parties amended their previous agreement excluding the smallest TSGI business, MacAulay Brown, Inc.

As anticipated, a decision to amend the agreement was made in recognition of possible conflicts between some of the work MacAulay Brown is performing for its customers with that of Lockheed Martin. Lockheed Martin and TSGI concluded that the customers of MacAulay Brown would be best served if it remained as a complete business independent of Lockheed Martin. MacAulay Brown will continue to be owned by the previous owners of TSGI.

In accordance with the amended agreement, Lockheed Martin has agreed to pay net consideration of $440 million after taking into consideration $13 million of net cash being acquired. As previously stated, the transaction is expected to be immediately accretive to earnings per share.

Headquartered in Bethesda, Md., Lockheed Martin employs about 130,000 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.

More in Home