Lockheed Martin enhances space portfolio with Terran Orbital acquisition

Written by Copernical Team Thursday, 31 October 2024 04:22

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Los Angeles CA (SPX) Oct 31, 2024

Lockheed Martin (NYSE: LMT) has successfully completed its acquisition of Terran Orbital, a prominent provider of modular spacecraft and mission services for the aerospace and defense sectors. This acquisition, including subsidiary Tyvak International, builds on a long-standing collaboration between Lockheed Martin and Terran Orbital, which has previously spanned various projects, including Spac

Lockheed Martin enhances space portfolio with Terran Orbital acquisition
by Clarence Oxford
Los Angeles CA (SPX) Oct 31, 2024

Lockheed Martin (NYSE: LMT) has successfully completed its acquisition of Terran Orbital, a prominent provider of modular spacecraft and mission services for the aerospace and defense sectors. This acquisition, including subsidiary Tyvak International, builds on a long-standing collaboration between Lockheed Martin and Terran Orbital, which has previously spanned various projects, including Space Development Agency initiatives and advanced technology demonstrations.

Robert Lightfoot, President of Lockheed Martin Space, expressed enthusiasm for the expanded partnership. "The addition of Terran Orbital's spirit of entrepreneurship to the scale of Lockheed Martin means there is a great deal of opportunity to keep pushing the boundaries of technology and space solutions together," he stated. "We welcome their ingenuity and dedication to ensuring mission success, and we've always valued those aspects of our working relationship. Together, we can deliver our combined innovation and services with a greater sense of urgency to support our customers' commercial, civil, and national security needs."

Terran Orbital's expertise in modular, customizable spacecraft is set to enhance Lockheed Martin's space systems offerings. Its flexible platforms feature interchangeable components, designed to integrate seamlessly with Lockheed Martin's mission systems and payload capabilities. The merger promises to strengthen space operations through the adoption of advanced manufacturing practices, such as robotics and automation, aimed at boosting production capacity and speed. Enhanced testing capabilities will also play a critical role in advancing mission-ready solutions.

Under Lockheed Martin's Space division, Terran Orbital will continue to operate as "Terran Orbital, a Lockheed Martin Company," while maintaining its role as an independent supplier to the broader industry. This restructured entity will integrate satellite design, manufacturing, launch planning, mission operations, and in-orbit support into a comprehensive package, enabling it to cater to the rigorous demands of military, civil, and commercial clients.

Terran Orbital, a Lockheed Martin Company, will operate from multiple locations, including Boca Raton and Melbourne, Florida; Irvine and Santa Maria, California; Atlanta, Georgia; Tysons Corner, Virginia; and Torino, Italy.

The acquisition was initially announced on August 15, 2024. For more information on Terran Orbital, visit www.terranorbital.com.