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Lockheed expands in Britain

30 August 2005

Lockheed Martin has entered into an agreement to acquire INSYS Group, the UK-based supplier of military communications systems, weapons systems and advanced analysis services.

Headquartered in Ampthill, Bedfordshire, INSYS' specialises in advanced concept analysis, modelling and simulation services, plus the development and production of combat and communication systems.

""The INSYS acquisition expands our Corporation's commitment in the UK and aligns with our strategy of acquiring companies that supplement our competencies, offer access to new customers and provide appropriate financial returns to our shareholders,"" said Lockheed Martin Chairman, President and Chief Executive Officer, Bob Stevens.

Lockheed Martin UK Holdings, located in London, will manage the INSYS business, in co-ordination with Lockheed Martin Electronic Systems, based in Bethesda, Maryland. Terms of the transaction were not disclosed.

Following satisfaction of customary conditions, closing is expected later this year. However, in a recent development UK Competition Minister Gerry Sutcliffe yesterday asked the UK Office of Fair Trading (OFT) to investigate the proposed acquisition.