- 3 November 2004 -

Carlyle Group sells Sippican to Lockheed

Lockheed Martin Corporation has entered into a definitive agreement to acquire Sippican Holdings Inc, a Massachusetts-based supplier of naval electronics systems from the global private equity firm The Carlyle Group and management.

Sippican's expertise is in the development and production of surface ship countermeasures, anti-submarine warfare training and submarine communications systems, as well as meteorological and oceanographic instrumentation, which will enhance Lockheed Martin's global capabilities in naval warfare, unmanned underwater vehicles and low-cost manufacturing.

"The Sippican acquisition aligns with the corporation's cash deployment strategy of acquiring select, niche companies that enhance our core focus areas," said Lockheed Martin president and CEO, Bob Stevens.

"Sippican's diverse product portfolio, engineering and manufacturing expertise, and unique technologies will add a new set of innovative capabilities to the Lockheed Martin team. We look forward to expanding our capabilities and solutions to meet the demanding requirements of the US Navy and other customers."