Defense giant Lockheed Martin (NYSE: LMT) said it has completed its acquisition of Terran Orbital, the satellite maker that has the bulk of its operations in Irvine.
Lockheed, which already owned about 28% of Florida-based Terran Orbital, said in August the deal was worth $450 million.
Terran Orbital will continue to operate as “Terran Orbital, a Lockheed Martin Company,” while maintaining its role as an independent supplier to the broader industry, Lockheed said in a statement this week.
The purchase strengthens Lockheed’s role in the commercial satellite sector.
