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BETHESDA, Md. - Lockheed Martin Corp. said Wednesday it agreed to buy privately held Gyrocam Systems LLC, which sells surveillance systems to the U.S. military.
Terms were not disclosed, but Lockheed said they were not material.
The sale would need approval of antitrust regulators and is expected to close by Sept. 30, Lockheed said.
Gyrocam, based in Sarasota, Fla. makes products used mostly on ground vehicles operated by the Army, Marine Corps and Air Force. It will operate under Lockheed's missiles unit.
Lockheed Chairman and CEO Robert J. Stevens said the deal strengthens the company's ability to meet needs of U.S. military customers for intelligence and surveillance capabilities.
Shares of Bethesda, Md.-based Lockheed rose $2.21, or 2.9 percent, to $77.34 in afternoon trading.
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