Lockheed to Sell Stake in Southwall for $4 Million

Lockheed Corp., the Calabasas-based aerospace contractor, said it will sell its 13.6% stake in Southwall Technologies of Palo Alto for $4 million.

Lockheed said Southwall will repurchase 535,000 shares for about $2.5 million, and a San Francisco brokerage firm--Van Kasper & Co.--will acquire Lockheed’s remaining 321,467 shares of Southwall for about $1.5 million.

“We no longer need our association with them,” Lockheed spokesman Bob Slayman said of Southwall, which manufactures thin-film coatings for the architectural, automotive and electronics markets. Lockheed bought Southwall’s stock in 1986 as part of a technical exchange agreement.