BETHESDA, Md., Aug. 22, 2011 /PRNewswire-FirstCall/ -- Lockheed Martin Corporation (NYSE: LMT) has entered into a definitive agreement to acquire QTC Holdings Inc. Terms of the agreement were not disclosed.
QTC, headquartered in Diamond Bar, Calif., is the largest provider of outsourced medical evaluation services to the U.S. government and the U.S. Department of Veterans Affairs (VA), processing more than 450,000 evaluations last year.
"QTC's IT-enabled case management services and health care expertise complement our core capabilities in addressing the needs of the Department of Defense, VA and other government agencies," Lockheed Martin Chairman and CEO Bob Stevens said. "QTC aligns with our IT expertise and adjacent market growth strategy and will be a natural fit within our Information Systems & Global Solutions business."
"Lockheed Martin's experience and leadership in government IT and services provides QTC with new opportunities to improve the efficiency of health care services to our customer base," QTC CEO Marjie Shahani said. "We are at the front-end of a transformation toward more effective, timely and high-quality health care delivery using information technology to support our nation's active duty military, reserves, veterans and civilian government personnel."
The transaction is expected to close before the end of this year and is subject to government approvals, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and satisfaction of other closing conditions. It is not expected to have a material effect on Lockheed Martin.
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 statements regarding the expected closing date of the transaction, the value of contracts and the potential for expanded opportunities or increased value as a 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 risk that satisfaction of the closing conditions results in the transaction closing more slowly than expected or not at all, 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 August 22, 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