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Article: Lockheed Martin to spin-off two businesses to GE for stock. (Access Graphics; Lockheed Martin Aerostructures)
- Article from:
- Defense Daily
- Article date:
- November 4, 1997
- Author:
CopyrightCOPYRIGHT 1997 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lockheed Martin [LMT] will spin-off two businesses and an equity investment to General Electric [GE] in exchange for Lockheed Martin stock acquired by GE in 1993 when it sold its aerospace operations to then-Martin Marietta, the companies said yesterday.
In the deal, GE will convert the 29 million Lockheed Martin shares it now owns--valued at about $2.8 billion--and acquire a newly formed Lockheed Martin subsidiary that includes: Access Graphics, which makes computer software and hardware; Lockheed Martin Aerostructures, which builds jet engine thrust reversers; and Lockheed Martin's stake in Globalstar, a partnership of telecommunications service providers.
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