Lockheed Martin closes Coherent purchase

Lockheed Martin Corp. completed its acquisition of remote sensing systems maker Coherent Technologies Inc., the company said yesterday. Terms of the deal were not disclosed when it was announced Sept. 8.

The newly acquired company will be named Lockheed Martin Coherent Technologies Inc. and will remain based in Louisville, Colo. Lockheed Martin's space systems division in Denver will manage the company.

The acquisition of Coherent follows the corporation's strategy of acquiring small and medium-sized businesses that align with its core competencies and broaden Lockheed's presence with key customers, the company said when the acquisition was first announced.

Headquartered in Bethesda, Md., Lockheed Martin has about 135,000 employees and has annual revenue of $35.5 billion. It ranks No. 1 on Washington Technology's 2005 Top 100 list of prime federal contractors.