Lockheed Martin snaps up Pacific Architects and Engineers
- By Roseanne Gerin
- Aug 18, 2006
Lockheed Martin Corp. has acquired Pacific Architects and Engineers Inc., a provider of services that support military and peacekeeping missions worldwide. Terms of the cash transaction were not disclosed.
The acquisition complements Lockheed Martin's capabilities and bolsters its domain expertise in outsourced support services, Bob Stevens, Lockheed Martin's chairman, president and CEO, said in a statement announcing the purchase.
PAE also specializes in nation-building activities, personnel recruitment, and training and disaster relief services.
Following the acquisition, the Los Angeles company, which has more than 6,000 employees in more than 30 countries, will become a wholly owned subsidiary of Lockheed Martin's IT services segment. Lockheed Martin expects to close the deal in September.
PAE furnishes facilities operations and maintenances services for the State Department, U.S. military and the Defense Department's Education Activity as well as Canada's National Defense Department and New Zealand's Ministry of Defense.
For the State Department, it supplies specialized operations and maintenance, logistics and related services at several U.S. embassies overseas and for personnel placement and training programs. The company also performs logistics and airfield and terminal management for the Air Force, Navy and United Nations.
Lockheed Martin in Bethesda, Md., has about 135,000 employees and reported 2005 revenue of $37.2 billion. The company ranks No. 1
on Washington Technology's 2006 Top 100
list of the prime federal IT contractors.