Lockheed Martin sells its stake in satellite-launching ventures to BVI company Space Transport Inc.
Lockheed Martin Corp., the world’s largest defense company, announced on Thursday, 7 September 2006 about its plans to sell its stake in two satellite-launching joint ventures – Lockheed Khrunichev Energia International Inc. (LKEI) and International Launch Services Inc. (ILS). These two ventures were set up with Russian partners in the beginning of the 90s, to make and market Lockheed-built Atlas and Russian-made Proton and Angara rockets.
Launch services were marketed to customers worldwide through International Launch Services. In 2005, ILS was awarded ten contracts for launch services using Atlas or Proton launch vehicles. Starting the process of selling the LKEI and ILS stakes meets the Lockheed’s last five-year srategy of reducing its commercial space business.
The ventures are being sold to closely held Space Transport Inc., a company incorporated in the British Virgin Islands and owned by Mario Lemme, which is a long-time consultant for Lockheed. The terms of the bargain were not disclosed. It is known that Lockheed holds 51% in LKEI; in 1995, Lockheed and LKEI set up ILS, in which both partners have equal 50% stakes. The BVI company, which will receive these substantial stakes, denies the information that it would sell them. Susan Thurman, a spokeswoman for company’s owner, announced in Friday’s statement that Space Transport is not going to be temporary owner of ILS and as an investor it has further-going goals to continue to make available to commercial clients the satellite launch systems.