Lockheed Martin (NYSE: LMT) has reached an agreement to sell its Pacific Architects and Engineers Incorporated business to Lindsay Goldberg, LLC.
“Our decision to divest PAE followed a comprehensive review of our portfolio to find ways to continuously provide the best, most affordable solutions for our customers, a secure future for our employees and value for our shareholders, ” Lockheed Martin CEO Robert Stevens said. “PAE and its employees have demonstrated tremendous capability to serve the nation with dedication, diligence and honor. I’m confident the company and its employees will continue to thrive under the ownership of Lindsay Goldberg.”
Lockheed acquired PAE in 2006 and decided last summer to divest the business after deciding the markets PAE serves were becoming “inconsistent with the corporation’s long term strategy.”