Bethesda, Maryland-based Lockheed Martin (NYSE: LMT) is expected to close on the purchase of a Massachusetts-based cyber security company within the next 30 days.
Lockheed Martin is making a strategic move to not only grow in the relatively new cyber security sector but also diversify its services beyond Federal government contracts. The U.S. Federal government is in the midst of cutting defense spending and dumping large amounts of office space in favor of smaller spaces in the Washington, D.C. area.
Industrial Defender, known for its cyber security solutions for control systems in the oil and gas, utility and chemical industries would add to Lockheed Martin’s expertise in the commercial cyber security market place.
"Industrial Defender's expertise in cyber security for critical infrastructure is a natural extension of our commercial cyber security business," said Marillyn Hewson,Lockheed Martin Chairman, President and CEO. "Their experience in addressing cyber threats to industrial control systems complements our information technology cyber security expertise and strengthens the value we deliver to our customers."
Terms of the agreement were not disclosed and are not material to Lockheed Martin operations.
Lockheed Martin stock was $163.32 per share in morning trading, it's 52-week high was $168.41.