Deal Enables Rapid Development and Fielding of
Mission-Ready Spacecraft
BETHESDA, Md., Oct. 30,
2024 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) has
completed its previously announced acquisition of Terran Orbital, a
leading manufacturer of innovative modular spacecraft serving the
global aerospace and defense industries, and its subsidiary, Tyvak
International. Lockheed Martin has worked with Terran Orbital on
projects including Space Development Agency programs and Lockheed
Martin's technology demonstrations.
"The addition of Terran Orbital's spirit of entrepreneurship to
the scale of Lockheed Martin means there is a great deal of
opportunity to keep pushing the boundaries of technology and space
solutions together," said Robert
Lightfoot, President, Lockheed Martin Space. "We welcome
their ingenuity and dedication to ensuring mission success and
we've always valued those aspects of our working relationship.
Together, we can deliver our combined innovation and services with
a greater sense of urgency to support our customers' commercial,
civil and national security needs."
Terran Orbital offers a unique lineup of customizable spacecraft
platforms, which include interchangeable components, and mission
services. When these are combined with Lockheed Martin's mission
system integration and payload expertise, the result includes more
robust space capabilities. This is in addition to bolstered
manufacturing practices, driven by automation and robotics for
increased capacity and speed, and advanced testing techniques.
Reporting through Lockheed Martin's Space business area, the
company will be recognized as Terran Orbital, a Lockheed Martin
Company. It will remain a merchant supplier to the industry and
bring holistic solutions by coalescing satellite design,
production, launch planning, mission operations, and in-orbit
support to meet the needs of the most demanding military, civil,
and commercial customers' missions.
Terran Orbital, a Lockheed Martin Company, maintains locations
in Boca Raton and Melbourne,
Florida, Irvine and Santa Maria,
California, Atlanta,
Georgia, Tysons Corner,
Virginia, and Torino,
Italy.
The acquisition was first announced August 15, 2024. More information on Terran
Orbital can be found at www.terranorbital.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving
innovation and advancing scientific discovery. Our all-domain
mission solutions and 21st Century Security ® vision accelerate the
delivery of transformative technologies to ensure those we serve
always stay ahead of ready. More information at
www.Lockheedmartin.com.
Forward Looking Statements
This news release contains
statements that, to the extent they are not recitations of
historical fact, constitute "forward-looking statements" within the
meaning of the federal securities laws, and are based on Lockheed
Martin's current expectations and assumptions, including, among
other things, statements regarding the transaction, the expected
benefits of the transaction, and the future performance of Lockheed
Martin's business. The words "believe," "estimate," "anticipate,"
"project," "intend," "expect," "plan," "outlook," "will," "should,"
"could," "scheduled," "forecast," and similar expressions are
intended to identify forward-looking statements. There can be no
assurance that any future events will occur as anticipated, if at
all, or that actual results will be as expected. These statements
are not guarantees of future performance and are subject to risks
and uncertainties. Actual results may differ materially due to
factors such as: the failure to successfully and timely integrate
Terran Orbital and realize the expected benefits of the
transaction; the risk of litigation relating to the transaction;
competitive responses to the transaction; unexpected liabilities,
costs, charges or expenses resulting from the transaction; and
potential adverse reactions or changes to business relationships
from the completion of the transaction. These are only some of the
factors that may affect the forward-looking statements contained in
this news release. For a discussion identifying additional
important factors that could cause actual results to differ
materially from those anticipated in the forward-looking
statements, see Lockheed Martin's filings with the SEC, including,
but not limited to, "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors"
in Lockheed Martin's most recent Annual Report on Form 10-K and
subsequent quarterly reports on Form 10-Q. Lockheed Martin's
filings may be accessed through the investor relations page of its
website, www.lockheedmartin.com/investor or through the website
maintained by the SEC at www.sec.gov. Except where required by
applicable law, Lockheed Martin expressly disclaims a duty to
provide updates to forward-looking statements after the date of
this news release to reflect subsequent events, changed
circumstances, changes in expectations, or the estimates and
assumptions associated with them. The forward-looking statements in
this news release are intended to be subject to the safe harbor
protection provided by the federal securities laws.
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SOURCE Lockheed Martin