Lockheed bolsters U.K. presence

Lockheed Martin Corp.'s U.K. subsidiary plans to buy Insys Group Ltd., a British supplier of military communications and weapon systems and advanced analysis services, Lockheed Martin announced today.

Terms of the deal were not disclosed. Insys has about 480 employees and 2004 revenue of between $75 million and $100 million, a Lockheed Martin official said.

The Ampthill, U.K.-based company's expertise in combat and communication systems and advanced concept analysis, modeling and simulation will complement Lockheed Martin's capabilities in these areas, company officials added.

"The Insys acquisition expands our corporation's commitment in the U.K. 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 CEO Bob Stevens.

Insys is a supplier to the U.K. Ministry of Defense. Programs include advanced weapons and communications systems, missile defense and integrated biological detection systems. The company also has done work for the U.S. Defense Department.

Lockheed Martin U.K. Holdings, Ltd. located in London will manage Insys, in coordination with Lockheed Martin Electronic Systems, based in Bethesda, Md.

The deal is expected to close later this year following government approvals.

Lockheed Martin is headquartered in Bethesda and had 2004 revenue of $35.5 billion. The company is ranked No. 1 on Washington Technology's 2005 Top 100 list of the largest government IT contractors.