Lockheed Martin completes Savi Technology acquisition

biz.yahoo.com, lockheedmartin.com, savi.com, prnewswire.com :

Lockheed Martin Corporation has completed its acquisition of Savi Technology, a proven leader in active radio frequency identification (RFID) solutions. Savi, based in Sunnyvale, Calif., has developed innovative logistics solutions that track in-transit asset shipments in a secure, accurate and timely manner. Its full line of integrated hardware and software products have been implemented by the U.S. Department of Defense, international defense agencies, civil agencies and commercial enterprises to monitor cargo shipments globally. Founded in 1989, Savi employs approximately 300 people.

The new organization will be known as Savi Technology, a Lockheed Martin Company, and will be a wholly-owned subsidiary of the Corporation. Lockheed Martin Integrated Systems & Solutions, based in Gaithersburg, Md., will manage all operational aspects of the business. The acquisition was originally announced May 4, 2006. Terms of the transaction were not disclosed.

Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 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.

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