From: Lockheed Martin Corporation
Posted: Tuesday, October 3, 2006
Bethesda, MD, October 3, 2006 -- Lockheed Martin (NYSE: LMT) today confirmed that United Launch Alliance, L.L.C. (ULA), its joint venture with the Boeing Co., had received anti-trust clearance from the Federal Trade Commission (FTC). The clearance is subject to compliance with a consent order that both parties have approved and which upon closing of the transaction will govern certain activities of ULA, Lockheed Martin and Boeing.
ULA would combine the production, engineering, test and launch operations associated with U.S. government launches of Boeing Delta and Lockheed Martin Atlas rockets. The purpose for combining the Atlas and Delta operations is to reduce the cost of meeting the national security and civil expendable launch vehicle needs of the United States. ULA would be structured as a 50-50 joint venture between Boeing and Lockheed Martin.
The action by the FTC will allow Boeing and Lockheed Martin to finalize closing documents and work toward setting a closing date.
Upon closing Michael Gass, vice president and general manager of Lockheed Martin Space Transportation, will become ULA president and CEO. Dan Collins, vice president of Boeing Expendable Launch Systems, will serve as chief operating officer. These leaders will report to a six-member board of directors, each company appointing three directors.
ULA headquarters will be in Denver with most engineering and administrative activities consolidated at Lockheed Martinís Space Systems Company facilities. Major assembly and integration operations will be located primarily at Boeingís manufacturing and assembly facility in Decatur, Ala. As part of the joint venture, the companiesí launch facilities at Cape Canaveral Air Force Station in Florida and Vandenberg Air Force Base in California will provide flexibility for meeting launch requirements on East and West coasts.
ULA is expected to have about 3800 employees at sites in Colorado, Alabama, Florida, California and Texas.
Following the closing of ULA, Boeing and Lockheed Martin have agreed to dismiss all civil litigation against each other related to a previous competition for launches under the Air Force EELV program.
Headquartered in Bethesda, Md., Lockheed Martin employs about 140,000 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.
Tom Jurkowsky, Vice President, Media Relations, (301) 897-6352
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