Lockheed Martin acquires nanotechnology business

BETHESDA(MARYLAND): Lockheed Martin Corp. said on Wednesday it has acquired a unit of a company that develops nanotechnology-enabled devices such as memory, logic and sensors used in military and intelligence applications.

Lockheed Martin also entered a license arrangement with privately held Nantero Inc. of Woburn, Massachusetts, for government applications of Nantero's intellectual property portfolio.

Lockheed Martin said benefits of nanotechnology for government customers could include stronger, lighter and less expensive materials and improved protection for military and first responders.

``This transaction represents a solid strategic fit,'' said Joanne Maguire, executive vice president of Lockheed Martin's space systems business area. ``It provides an important set of capabilities and will accelerate our product applications, enabling us to offer a broader portfolio of solutions to our customers and to enhance shareholder value.''

Greg Schmergel, Nantero's co-founder and chief executive, said the deal provides Nantero with increased resources and ``strategic focus.''

Terms of the deal were not disclosed.