Lockheed Martin has outlined its plans to spin off ten "non-core" communications and instruments businesses into a newly created standalone company which will have sales of $650 million and a workforce of nearly 5,000. The move comes as part of announced plans to tidy up its portfolio following the Loral acquisitions in 1996, to concentrate only on large-systems businesses. Lockheed Martin will retain a 35%stake in the new L3 Communications company, with another 50%held by the Lehman Brothers merchant bank and the remaining 15%with the management team, led by former Loral president Frank Lanza.
Source: Flight International
