Purchase Bolsters Nanotechnology Pursuits
Nantero has successfully produced carbon nanotube devices in a commercial semiconductor fabrication process. The company's government business unit is developing nanotechnology-enabled devices (e.g., memory, logic and sensors) for use in a variety of military and intelligence applications. Terms of the transaction were not disclosed.
Lockheed Martin's Advanced Technology Center, a unit of Lockheed Martin Space Systems Company, will manage the Nantero unit. "Lockheed Martin is already a leader in the research, development and application of nanotechnology to future military and intelligence applications," said Joanne Maguire, Executive Vice President of Lockheed Martin's Space Systems Business Area. "This transaction represents a solid strategic fit. It provides an important set of capabilities and will accelerate our product applications, enabling us to offer a broader portfolio of solutions to our customers, and to enhance shareholder value."
Greg Schmergel, Nantero's Co-founder and CEO, said, "We are proud of the success our government business unit has had, which will now be even greater as part of Lockheed Martin. This transaction provides Nantero with increased resources and strategic focus to achieve our goals in the commercial memory space."
Dr. Brent Segal, Nantero's Co-founder and Chief Operating Officer, who will be joining Lockheed Martin, said "We are very pleased to join Lockheed Martin and look forward to applying our carbon nanotube technologies to a broader array of programs and customer requirements. This will enhance capabilities for our customers and provide exciting opportunities for our exceptionally talented employees."
Lockheed Martin recognizes the critical importance of nanotechnology to its current and future portfolio of products and services. Direct benefits of nanotechnology for government customers could include stronger, lighter and less expensive materials; more capable systems; and enhanced personal protection for military and first responders. Through partnerships with small businesses and universities, Lockheed Martin is leveraging its own investment in nanotechnology to develop innovative solutions for the most demanding technological challenges.
Headquartered in Bethesda, MD, Lockheed Martin is a global security company that 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 2007 sales of $41.9 billion.
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Some of the statements contained in this press release may be considered "forward-looking statements" under the federal securities laws. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to the risk that the transaction may close later than expected or not at all and other risks and uncertainties detailed from time to time in Lockheed Martin Corporation's filings with the United States Securities and Exchange Commission. All information in this release is as of August 13, 2008. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations.
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