Lockheed Martin [NYSE: LMT] today announced the acquisition of Procerus Technologies, a company specializing in autopilot and other avionics for micro unmanned aerial systems. The terms of the agreement were not disclosed, but are not material to Lockheed Martin’s results.
“This acquisition is consistent with our focus on acquiring capabilities that enhance our product portfolio and align with our customers’ strategic priorities,” said Bob Stevens, Lockheed Martin Chairman and CEO. “Small unmanned aerial vehicles are low-cost, highly effective tools for our military, and the expertise Procerus brings will enhance the value we offer to our customers.”
Founded in 2004 and based in Orem, Utah, Procerus is a privately held company that provides autopilot, targeting and payload technologies for micro UAS to domestic and international governments, as well as industry and academic institutions. Among its key technologies is the Kestrel autopilot system, the smallest and lightest full-featured micro autopilot system on the market – ideal for surveillance and reconnaissance applications.
“Our purpose is to bring innovative and meaningful technologies to this critical capability for the military and future customers,” said Todd Titensor, chief executive officer, Procerus Technologies. “Becoming a part of Lockheed Martin will allow us to advance these goals and accelerate our ability to reach them more quickly.”
Lockheed Martin Mission Systems and Sensors (MS2) will manage the Procerus business. MS2, based in Washington, D.C., is part of the Corporation’s Electronic Systems business area and has experience within this area with its Desert Hawk, Persistent Threat Detection System aerostats, K-MAX unmanned helicopter system, and high altitude airship programs.
Source: Lockheed Martin Corporation (NYSE: LMT)
Date: Jan 18, 2012