Lockheed Selling Units to BAE North America

Lockheed Martin Corp. said it will sell its Sanders aerospace electronics unit and two other divisions to a North American subsidiary of Britain’s BAE for $1.67 billion in cash. Sanders, which employs about 4,000 people, is based in Nashua, N.H., and has units in Pomona, Lexington, Mass., and Yonkers, N.Y. Rockville, Md.-based BAE North America also is acquiring Lockheed Martin Fairchild Systems, based in Syosset, N.Y., and the space and communications unit in Manassas, Va. No layoffs are expected, the company said. Lockheed said it will use most of the proceeds from the deal to reduce corporate debt. It also will take a charge of $1 billion, or $2.50 a share, in its third quarter as a result of the deal. BAE, Europe’s largest defense contractor, is seeking to increase its presence in the U.S. Lockheed shares fell 6 cents to close at $25 on the NYSE.