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Deals

Lockheed interested in cybersecurity M&A

Robert Stevens, CEO Lockheed Martin Corp., speaks during the Reuters Aerospace and Defense Summit 2010 in Washington September 7, 2010. REUTERS/Molly Riley

WASHINGTON (Reuters) - Lockheed Martin Corp LMT.N expects more defense assets to come up for sale in the face of budget pressures and a changing security environment, Chief Executive Officer Robert Stevens said on Tuesday.

Speaking at the Reuters Aerospace and Defense Summit in Washington, Stevens said Lockheed Martin has the cash needed to make acquisitions in areas of interest such as cybersecurity, but the company would be “selective” in bidding for assets.

Stevens said Lockheed Martin does not intend to get into the shipbuilding business and is not interested in the Northrop Grumman's NOC.N naval division recently put up for sale.

Lockheed Martin is selling its Enterprise Integration Group unit and Pacific Architects and Engineers Inc business as part of its portfolio review.

Stevens said the company has received “very healthy” expressions of interest from several parties, and the company is making “very good” progress in the sale process.

Reporting by Soyoung Kim; Editing by Lisa Von Ahn

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