Lockheed Martin buys into RFID
BETHESDA, Md.--Lockheed Martin on May 4 entered into a definitive agreement to purchase Savi Technology, a provider of active radio identification solutions. Terms of the deal were not disclosed, but web site www.siliconbeat.com, covering the technology industry, estimated a purchase price of $400 million. Savi was formerly a division of Raytheon, until a Vector Capital-led 1999 management buyout, according to PE Week Wire, an online blog.
In a statement, Lockheed chairman, president and chief executive officer Bob Stevens called Savi's products "a complete line of active RFID solutions." Savi chief executive officer Vic Verma said Savi solutions "locate, manage and secure assets and shipments in complex global supply chains."
Savi will become a wholly owned subsidiary of Lockheed Martin, managed by Lockheed Martin Integrated Systems & Solutions, based in Gaithersburg, Md.