BETHESDA, Md., March 12, 2014 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has entered into a definitive agreement to acquire Industrial Defender, a leading provider of cyber security solutions for control systems in the oil and gas, utility and chemical industries.
Subject to the satisfaction of customary closing conditions, the acquisition is expected to close within 30 days. The terms of the agreement were not disclosed and are not material to Lockheed Martin operations.
"Industrial Defender's expertise in cyber security for critical infrastructure is a natural extension of our commercial cyber security business," said Marillyn Hewson, Lockheed Martin Chairman, President and CEO. "Their experience in addressing cyber threats to industrial control systems complements our information technology cyber security expertise and strengthens the value we deliver to our customers."
Industrial Defender is a privately held company headquartered in Foxborough, Mass., with more than 130 employees in three facilities. The company's solutions, including Industrial Defender Automation Systems Manager™, help protect and manage critical infrastructure by reducing cyber risks, easing regulatory compliance and enhancing the efficiency of customers' control environments.
"Lockheed Martin is a leader in cyber technology and IT security," said Industrial Defender CEO Brian M. Ahern. "We share a common perspective on the importance of protecting global critical infrastructure from an increasingly hostile threat landscape. The combined capabilities of Industrial Defender and Lockheed Martin will enable us to offer a comprehensive suite of technology and services designed to face modern day threats and business challenges to both enterprise information and operational technologies. Joining forces is a natural fit for Industrial Defender and our growth plans."
Industrial Defender's suite of integrated products and services is dedicated to assuring the availability, reliability and security of critical infrastructure, such as electric power grids, chemical facilities, and oil and gas pipelines. More than 400 companies in 25 countries rely on Industrial Defender's solutions to monitor, manage and protect their operations.
Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs approximately 115,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2013 were $45.4 billion.
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Lockheed Martin Forward-Looking Statements:
Statements in this release about future actions and the consequences of these actions are "forward-looking statements" and are based on Lockheed Martin's current expectations and assumptions. Forward-looking statements in this release include, but are not limited to, our expectations concerning the closing of the transaction and the potential for growth as result of the transaction. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to: the parties' ability to successfully consummate the transaction, including satisfying the conditions to closing contained in the definitive agreement for the transaction, our ability to successfully integrate the business and generate synergies, the resolution or continuation of sequestration and the current budget crisis that may lead to changes in funding levels or changes in customer needs and priorities, the ability to attract and retain a skilled workforce in an uncertain funding environment, as well as other risks and uncertainties described from time to time in Lockheed Martin's Form 10-K (including under the caption "Risk Factors") and other filings with the Securities and Exchange Commission. All information in this release is as of March 12, 2014. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations. For further information regarding risks and uncertainties associated with Lockheed Martin's business, please refer to the Corporation's SEC filings, which may be obtained at the Corporation's website: http://www.lockheedmartin.com.
SOURCE Lockheed Martin