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Exhibit 99.2
[LOGO OF LOCKHEED MARTIN]
Information
LOCKHEED MARTIN COMPLETES SALE OF CONTROL SYSTEMS BUSINESS
TO BAE SYSTEMS FOR $510 MILLION
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. Lockheed Martin Will Apply Proceeds to Debt Reduction
. Action Consistent With Lockheed Martin Strategic Initiatives
BETHESDA, Md., September 25, 2000 - Lockheed Martin Corporation (NYSE:LMT)
announced today that it has completed the sale of its Control Systems business
to BAE SYSTEMS North America, Inc., a wholly-owned subsidiary of BAE Systems
plc, Farnborough, England, for $510 million in cash.
"Completion of this transaction demonstrates positive progress in our strategic
initiative to divest selected non-core assets, generating additional non-
operating cash to reduce debt," said Vance D. Coffman, Lockheed Martin chairman
and chief executive officer. "By refining our business portfolio, this
divestiture program reinforces our determination to position Lockheed Martin as
a leading systems integrator focused on its core aerospace and defense
customers."
In addition to the Control Systems sale, Lockheed Martin in July 2000 announced
the divestiture of its Aerospace Electronics Systems businesses, also to BAE
SYSTEMS North America, for $1.67 billion in cash. Lockheed Martin divested its
Hanford Corporation subsidiary in December 1999. The operations were among
those identified by Lockheed Martin as candidates for potential divestiture in
September 1999, following a comprehensive strategic review of the Corporation's
businesses.
Lockheed Martin Control Systems, with facilities in Johnson City, New York, and
Fort Wayne, Indiana, is a leading supplier of electronic controls for the
commercial and military markets, including aircraft, space, and ground
transportation systems. Products include full authority digital engine
controls; fault-tolerant fly-by-wire flight controls; mission computers; space
vehicle power and control systems; hybrid vehicle propulsion systems; and
electronic products for the rail transportation industry. Control Systems had
1999 revenues of approximately $360 million and employs 1,750, 1,200 of whom are
based in Johnson City.
"Control Systems is a strong business recognized for excellent performance, and
we are confident it will continue to thrive under BAE SYSTEMS ownership,"
Coffman said.
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"We thank the men and women of Control Systems for their contributions to
Lockheed Martin and to the U.S. government, commercial and international
customers they serve so well."
The Control Systems transaction was subject to anti-trust review in the United
States and other jurisdictions. In addition, Lockheed Martin and BAE SYSTEMS
voluntarily sought review by the Committee on Foreign Investments in the United
States.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise
principally engaged in the research, design, development, manufacture and
integration of advanced technology systems, products and services. The
Corporation's core businesses are systems integration, space, aeronautics and
technology services. Lockheed Martin had 1999 sales surpassing $25 billion and
employs approximately 140,000.
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NEWS MEDIA CONTACTS: James Fetig, 301-897-6352
Pete Harrigan, 301-897-6171
INVESTOR CONTACTS: James Ryan, 301-897-6584
Randa Middleton, 301-897-6455
LOCKHEED MARTIN SAFE HARBOR STATEMENT: Statements in this press release are
considered forward-looking statements under the federal securities laws,
including the Private Securities Litigation Reform Act of 1995, including the
statements relating to projected future financial performance. Sometimes these
statements will contain words such as "believes," "expects," "intends," "plans"
and other similar words. These statements are not guarantees of our future
performance and are subject to risks, uncertainties and other important factors
that could cause our actual performance or achievements to be materially
different from those we may project.
In addition to the factors set forth in our filings with the Securities and
Exchange Commission (www.sec.gov), the following factors could affect the
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forward-looking statements contained in this press release: timing of regulatory
process, conditions imposed by regulatory agencies, uncertainties involved in
foreign ownership of companies involved in defense contracting, the political
and economic climate domestically and internationally, the ability to obtain or
the timing of obtaining future government awards and approvals, competitive
environment, timing of awards and contracts. These are only some of the
numerous factors which may affect the forward-looking statements in this press
release.
