Lockheed Martin to acquire Orincon
- By William Welsh
- May 15, 2003
Lockheed Martin Corp. will acquire Orincon Corp. International, a privately held defense and information technology firm, the company announced May 15.
Terms of the deal, expected to close by the end of the second quarter, were not disclosed.
The acquisition will strengthen Lockheed Martin in the intelligence, surveillance and reconnaissance industry. It also will enable the company to meet the evolving requirements and expected growth of the communications, command and control, computers, intelligence, surveillance and reconnaissance arena.
Orincon of San Diego is a systems integration and IT firm providing knowledge management, information assurance, signal and image processing and data fusion to the defense and intelligence communities. The company employs about 250 people at sites around the country.
The newly acquired company will be managed by Lockheed Martin Management and Data Systems. The acquisition follows the company's long-term strategy of disciplined growth, said Robert Stevens, Lockheed Martin's president and chief operating officer.
"Orincon is a great fit," he said. "Our closely aligned core competencies will strengthen Lockheed Martin's ability to provide our customers with creative solutions to complex problems."
Lockheed Martin, Bethesda, Md., has about 125,000 employees and annual sales of $26.6 million.
William Welsh is a freelance writer covering IT and defense technology.