Lockheed Martin’s UK business is continuing to grow following an agreement to acquire military systems supplier Insys Group for an undisclosed sum.

Lockheed says the acquisition will complement its capabilities in the areas of combat and communication systems, concept analysis, modelling and simulation services and expand its UK presence.

Lockheed Martin UK Holdings will manage Insys in co-ordination with US-based Lockheed Martin Electronic Systems.The deal is expected to be completed by the end of the year. This is Lockheed’s third acquisition in 2005. Lockheed says it will continue to look at acquiring small- to medium-sized businesses that “would enhance our standing”. Insys employs around 500 people and recorded sales of £47 million ($85 million).

Source: Flight International