Lockheed locks in buy of Gyrocam Systems

Lockheed Martin Corp. has entered into a definitive agreement to acquire Gyrocam Systems LLC, a developer and supplier of gyro-stabilized optical surveillance systems for the U.S. military.

The financial terms of the transaction were not disclosed.

Gyrocam, a privately owned company based in Sarasota, Fla., with personnel in Washington, D.C., Iraq and Afghanistan, provides combat forces with greater situational awareness in virtually all conditions with real-time reconnaissance, and threat identification and tracking from safe distances, Lockheed officials said.

Gyrocam’s intelligence, surveillance and reconnaissance (ISR) products are in use primarily on ground vehicles operated by the Army, Marine Corps and Air Force.

The Missiles and Fire Control unit within Lockheed Martin’s Electronic Systems business area will manage the Gyrocam business, the officials said.

The acquisition enhances Lockheed Martin’s ability to address U.S. government customers’ emphasis on ISR capabilities and meet urgent warfighter needs, said Robert Stevens, Lockheed Martin’s chairman, president and chief executive officer.

“This transaction is a sound strategic fit that strengthens a core competency while addressing a customer priority,” he added.

The transaction is subject to various approvals and is expected to close the third quarter of 2009.

Lockheed Martin, of Bethesda, Md., ranks No. 1 on Washington Technology’s 2009 Top 100 list of the largest federal government prime contractors.