Lockheed Still Thinks Titan Is a ‘Strategic Fit’

Lockheed Martin Corp. still believes the acquisition of Titan Corp., the completion of which has been delayed by a criminal probe, would be a “strategic fit,” President Robert Stevens said.

Lockheed expects Titan, which is being investigated by the Department of Justice regarding allegations its consultants may have bribed foreign officials, to resolve that probe by the June 25 closing date for the transaction, Stevens said at an investor conference.

Separately, Lockheed said it had beaten Northrop Grumman Corp. for the right to develop a high-velocity antitank missile for the U.S. Army.

The Army selected Lockheed as “sole contractor” on the program with a development award worth $60 million, Bethesda, Md.-based Lockheed said.