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10-13-2010, 04:53 PM #1
Lockheed to Sell Unit for $815 Million
OCTOBER 13, 2010, 9:19 A.M. ET.
Lockheed to Sell Unit for $815 Million
By MATT JARZEMSKY
Lockheed Martin Corp. said it has agreed to sell a risk and resource management business to Veritas Capital Inc. for $815 million.
The defense contractor in June announced plans to unload the unit because of increased government concerns over potential conflicts of interest; it serves a broad range of government customers. Meanwhile, Lockheed has been scaling back its operations as a slowdown in spending by its customers is expected to continue.
The deal is expected to close by year end.
Lockheed had also said in June it would divest its Pacific Architects and Engineers Inc. unit, but hasn't yet offered details on that front. Both businesses fall under Lockheed's information systems and global services segment, typically the third largest of four by revenue.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com
http://online.wsj.com/article/SB1000142 ... 15880.htmlNO AMNESTY
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