BETHESDA, Md., July 23 (UPI) -- U.S. company Lockheed Martin announced it plans to purchase optical surveillance technologies developer Gyrocam Systems.
Lockheed Martin says it has entered into an agreement to acquire Florida-based Gyrocam. Officials say Gyrocam will be managed by Lockheed Martin's Missiles and Fire Control unit.
Gyrocam is a developer of gyrostabalized optical surveillance system used by the U.S. military to support situational awareness requirements with real-time reconnaissance capabilities.
"The acquisition of Gyrocam enhances Lockheed Martin's ability to address our U.S. government customer's emphasis on intelligence, surveillance and reconnaissance capabilities and to meet urgent warfighter needs," Robert Stevens, Lockheed Martin chairman, president and chief executive officer, said in a statement.
"This transaction is a sound strategic fit that strengthens a core competency while addressing a customer priority, supports our commitment to build shareholder value and reinforces our standing as a global security leader."
Terms of the announced acquisition were not disclosed.