MERGERS & ACQUISITIONS
Lockheed to Buy Laser Sensor Firm
Lockheed Martin said it will buy Colorado-based Coherent Technologies, which makes lasers for uses that include weather radar systems, tools that can detect chemical and biological agents, and sensors that monitor wind. Bethesda-based Lockheed plans to fold the company into its space systems division. Terms of the deal were not released.
Sunrise Board Approves Stock Split
Sunrise Senior Living of McLean, the nation's largest operator of facilities for senior citizens, said its board has approved a two-for-one split of its common stock. Each shareholder of record at the close of business on Sept. 20 will receive an additional share for each share held, increasing the total of shares to about 42.6 million. Chairman and chief executive Paul Klaassen said in a statement that the stock split "will provide greater liquidity for our shares and make them more appealing to a broader range of investors."
Lockheed Wins Federal Archives Contract
Lockheed Martin beat Harris for a $308 million contract to build a system to preserve and manage the U.S. government's electronic records. The National Archives and Records Administration awarded the Bethesda-based defense contractor the job after the two companies developed competing systems. Lockheed said it will build the system over the next six years in its Greenbelt offices.
Marriott to End Undisclosed Charges
District-based Marriott International agreed to stop adding undisclosed energy surcharges or mandatory resort fees to hotel bills at 12 properties in Florida. Starwood Hotels & Resorts Worldwide, owner of the Sheraton and Westin chains, in May became the first lodging chain to settle with the state over the practice of imposing undisclosed charges.
Martek Biosciences of Columbia lost $109,000 (zero cents per share) in its third quarter ended July 31, compared with a profit of $5 million (16 cents) in the comparable quarter a year earlier. Revenue fell 17 percent, to $39.5 million. The company said that, as it had projected, customers for its nutritional supplements had stored up excess inventory because of concerns over its past difficulties in meeting demand.
WorldSpace, an international provider of satellite radio based in the District, narrowed its second-quarter loss to $22 million (95 cents a share) on revenue of $2.3 million, from $52.3 million ($9.04) on revenue of $1.9 million in the three months ended June 30, 2004. Shares of the company, which traded at $22.36 when it went public in August, closed yesterday at $17.70.
Compiled from staff and news service reports.