Printer Friendly

MARTIN MARIETTA, LTV REACH AGREEMENT ON AIRCRAFT, MISSILES BUSINESSES

MARTIN MARIETTA, LTV REACH AGREEMENT ON AIRCRAFT, MISSILES BUSINESSES
 BETHESDA, Md., Aug. 3 /PRNewswire/ -- Martin Marietta Corporation (NYSE: ML) has signed an agreement with the LTV Corporation (NYSE: QLTV) to acquire substantially all of LTV's aircraft and missiles businesses for $440 million, a price that includes $396 million in cash and $44 million in preferred stock.
 The agreement, which has been signed by LTV's parent and steel creditor committees and the federal Pension Benefit Guaranty Corporation, is subject to approval by the U.S. Bankruptcy Court and the federal government. Under terms of the agreement, Martin Marietta will be paid a fee in the event the sale is not approved by the bankruptcy court.
 The $440-million acquisition price is 12 percent above the amount offered by a Martin Marietta-Lockheed Corporation (NYSE: LK) joint venture earlier this year. "Two substantial changes led us to increase our price," Norman R. Augustine, Martin Marietta chairman and chief executive officer said.
 "Previously, it served no useful purpose for us to engage in a bidding war with a foreign government-owned company. That company since has withdrawn its interest. Secondly, the structure of this acquisition has more strategic value to Martin Marietta."
 -0- 8/3/92 R
 /CONTACT: Charles P. Manor of Martin Marietta, 301-897-6258/
 (ML QLTV LK) CO: Martin Marietta; LTV Corporation; Lockheed Corporation ST: Maryland IN: ARO SU: PS -- DC013 -- 6194 08/03/92 13:02 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1992
Words:233
Previous Article:CANADAIR REGIONAL JET ACHIEVES CANADIAN CERTIFICATION
Next Article:DER REJECTS CLARION COUNTY HAZARDOUS WASTE APPLICATION
Topics:


Related Articles
LTV ANNOUNCES AGREEMENT FOR ACQUISITION OF ITS AIRCRAFT AND MISSILE BUSINESSES BY LOCKHEED AND MARTIN MARIETTA
LTV ANNOUNCES DEFINITIVE AGREEMENT WITH VOUGHT FOR ACQUISITION OF AEROSPACE UNITS
NEWLY FORMED VOUGHT CORPORATION SIGNS CONTRACT TO ACQUIRE LTV'S AIRCRAFT AND MISSILES DIVISIONS
THOMSON-CSF, HUGHES AIRCRAFT CO. & THE CARLYLE GROUP OFFER $400 MILLION FOR LTV AEROSPACE AND DEFENSE GROUP
THOMSON-CSF PROMISES TECHNOLOGY TO EXTEND THE CAPABILITIES AND REACH OF LTV MISSILES
LORAL AGREES TO BUY LTV'S MISSILES DIVISION
LTV TO SELL DEFENSE UNIT TO MARTIN MARIETTA
MARTIN MARIETTA ISSUES STATEMENT REGARDING LTV
GE AEROSPACE TO MERGE INTO MARTIN MARIETTA TO CREATE BROADLY DIVERSIFIED GLOBAL TECHNOLOGY LEADER
LOCKHEED MARTIN NOTES FIRST ANNIVERSARY OF MERGER ANNOUNCEMENT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters