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Lockheed Martin Announces Plans to Acquire Gyrocam Systems

Lockheed Martin (NYSE: LMT) announced plans to acquire Gyrocam Systems, a developer of gyro-stabalized optical surveillance systems. Gyrocam is currently supplying hundreds of electro-optical systems to the U.S. Army, Marine Corps and Air Force equipping MRAP vehicles with the VOSS systems, designed to detect and identify improvised explosive devices (IED) from a standoff distance. According to Lockheed Martin, once the acquisition is completed, Gyrocam will be managed by Lockheed Martin Missiles and Fire Control, a unit of Lockheed Martin's Electronic Systems business area. According to Robert J. Stevens, Lockheed Martin's Chairman, President and Chief Executive Officer, the acquisition of Gyrocam enhances Lockheed Martin's ability to address our U.S. government customer's emphasis on ISR capabilities and to meet urgent warfighter needs. "This transaction is a sound strategic fit that strengthens a core competency while addressing a customer priority, supports our commitment to build shareholder value and reinforces our standing as a global security leader." Said Stevens.