Lockheed Martin to Shed 10 Units
Lockheed Martin Corp. said it plans to divest 10 divisions that are mainly involved in electronics and high-technology research. They will be spun off into a single entity called L3 Communications and jointly owned by the aerospace giant, a partnership led by Lehman Bros., and a management team led by Frank C. Lanza, Lockheed Martin’s executive vice president. The divisions forming the new company had combined 1996 sales of $650 million and include the operations of Conic and Telemetry & Instrumentation in San Diego; Narda-Microwave in Rancho Cordova, Calif.; and Randtron in Menlo Park, Calif. L3 Communications, based in New York, would have about 4,900 employees. No layoffs are planned because of the transaction, Bethesda, Md.-based Lockheed Martin said.