Lockheed Martin to buy U.K. firm

Lockheed Martin's purchase last month of a British firm that develops weapons systems and military communications equipment gives the U.S. company an additional foothold in British defense contracting.

Lockheed's subsidiary in Britain will buy Insys Ltd., a firm that has done work on a wide range of programs for the U.K. Ministry of Defence (MoD).

By acquiring Insys, Lockheed Martin is looking to tap the U.K. company's expertise in military communication systems and analysis, modeling and simulation services. "This is really a systems and IT business," a Lockheed Martin spokesman said about the transaction, in a Defense Daily report.

Lockheed Martin is also hoping the acquisition will enhance its standing as a contractor to the MoD, the Defense Daily report said.