BETHESDA, Md., Jan. 18 (UPI) -- A Utah company specializing in electronic systems for micro unmanned aerial systems has been bought by Lockheed Martin.
Procerus Technologies, a privately held company founded in 2004, will now be managed by Lockheed Martin Mission Systems and Sensors unit, which has headquarters in Washington.
"This acquisition is consistent with our focus on acquiring capabilities that enhance our product portfolio and align with our customers' strategic priorities," said Bob Stevens, Lockheed Martin chairman and chief executive officer.
"Small unmanned aerial vehicles are low-cost, highly effective tools for our military, and the expertise Procerus brings will enhance the value we offer to our customers."
Procerus produces the Kestrel autopilot system, the smallest and lightest full-featured micro autopilot system currently available. Other products for micro UAS are targeting and payload systems.
Financial and other terms of the acquisition weren't disclosed.
"Our purpose is to bring innovative and meaningful technologies to this critical capability for the military and future customers," said Procerus Technologies Chief Executive Officer Todd Titensor. "Becoming a part of Lockheed Martin will allow us to advance these goals …"
|Additional Security Industry Stories|
ALGIERS, Algeria, May 24 (UPI) --Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
ARLINGTON, Va., May 24 (UPI) --BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.