Tuesday, February 9, 2016

Lockheed Martin sells Valley Forge-based unit for $815M

The defense contractor will sell its Enterprise Integration Group business to Veritas Capital, a New York private-equity firm.

Lockheed Martin sells Valley Forge-based unit for $815M

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A New York private-equity firm will buy Lockheed Martin Corp.'s Enterprise Integration Group, which is based in Valley Forge, for $815 million.

Veritas Capital, which has acquired other business in the defense and government sector, called the deal "a unique and exciting opportunity." The transaction is expected to close at the end of the year.

The Enterprise Integration Group produced revenue of $626 million for the 12 months ended June 30. It has about 1,800 employees, of which about 700 are in the Philadelphia area.

In June, Lockheed Martin announced plans to sell off the business to avoid potential conflicts of interest from new regulations for military contractors.

The Enterprise Integration Group provides systems engineering and integration support to the U.S. intelligence community.

In a statement, Veritas said it had no plans to make changes in management or operations of the company, which is headed by William L. Graham, its chief executive officer.

Read Veritas' news release here and Lockheed Martin's here.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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