BETHESDA, Md., Nov. 3, 2011 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation (NYSE :LMT ) today announced the acquisition of Sim-Industries B.V., a commercial aviation simulation company located in the Netherlands. The acquisition is a demonstration of the Corporation's strategy to expand into closely related markets that build on our core capabilities and expand our customer base. The terms of the agreement were not disclosed.
"This acquisition demonstrates Lockheed Martin's commitment to expand in adjacent markets with strong, long-term growth prospects that build on our core capabilities," said Chairman and CEO Bob Stevens. "The combination of Sim-Industries with our military simulation business will provide airlines, civil pilot training centers and military customers access to training systems that can be provided more quickly and with lower operating costs. Sim-Industries has established itself as a leader in the simulation business with an innovative product design, development and manufacturing process that reflects the quality of its leadership and employees."
Founded in 2004, Sim-Industries develops and manufactures full-motion and fixed-based civil aviation flight simulators for a wide range of airline customers and independent pilot training centers worldwide. Since building its first simulator in 2006, Sim-Industries has become a leader in single-aisle commercial aircraft simulators for the Boeing 737 and Airbus 320, two of the fastest-selling aircraft worldwide. It is finalizing development and certification of its first twin-aisle simulator for the Airbus 330.
"At Sim-Industries, we have developed a highly talented workforce with a culture and a passion for developing and delivering realistic and affordable simulator solutions to our customers," said Sim-Industries CEO, Frank Uit den Bogaard. "We are excited to join an organization like Lockheed Martin that shares our vision and is committed to support the future growth of the business."
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 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 2010 sales from continuing operations were $45.8 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, 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: our ability to successfully integrate the business 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 Nov. 3, 2011. 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 Corporation