BETHESDA, Md., April 5, 2011 - Yesterday, Lockheed Martin Corporation [NYSE: LMT] completed the divestiture of its Pacific Architects and Engineers Incorporated (PAE) business to Lindsay Goldberg, LLC. Terms of the transaction will not be disclosed.
The Corporation's decision last June to divest this business followed a comprehensive review of its portfolio and a change in the priorities of PAE's customers.
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.