Bethesda, Md. (LOCKHEED MARTN) - Lockheed Martin Corporation [NYSE:LMT] today announced it has entered into a definitive agreement to acquire Savi Technology, Inc.(Savi), a provider of active radio frequency identification (RFID) solutions. Terms of the transaction were not disclosed.
“Savi’s talented team of employees has successfully developed a complete line of active RFID solutions. The acquisition of this innovative company is consistent with our strategy of making investments that significantly enhance the capabilities we can offer our customers,” said Bob Stevens, Lockheed Martin’s Chairman, President and Chief Executive Officer.
“For over 15 years the Savi team has worked with customers to design solutions that locate, manage and secure assets and shipments in complex global supply chains. We are delighted to be joining Lockheed Martin, one of the world’s premier technology companies. Our customers and employees will significantly benefit from the enhanced capabilities of this combination,” said Vic Verma, Chief Executive Officer of Savi.
The boards of directors of both Lockheed Martin and Savi’s parent company, Infolink Systems, Inc., have approved the transaction, which is subject to customary closing conditions (including antitrust review), and is expected to close in the second quarter. Savi will be a wholly owned subsidiary of Lockheed Martin managed by Lockheed Martin Integrated Systems & Solutions, Gaithersburg, Md.
Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2005 sales of $37.2 billion. Lockheed Martin is a CAPA Member. For more information on the Centre for Asia Pacific Aviation's membership service, please click the icon below.