Lockheed buys Loral's business

17 Jun 2002

Lockheed Martin Corp. will buy Loral Corporation's defense electronics and systems integration businesses for $9.1 billion. Lockheed will pay $7 billion in cash, or $38 per share to Loral stockholders and will assume $2.1 billion in debt. The merged companies will have about $30 billion in annual sales and an array of businesses spanning aerospace and defense products, the companies said in a news release. Lockheed Martin, created last year through the merger of Lockheed and Martin Marietta Corp, had 1994 sales of $22 billion. Loral had 1994 sales of $5.5 billion.