Lockheed sells its stake in Russian space ventures
The Russian ventures are part of Lockheed's space systems business, which accounted for $6.8 billion, or 18%, of the company's total revenue of $37.2 billion last year. Lockheed doesn't provide sales figures for the joint ventures, Greer said. Satellites accounted for 61% of the group's sales, and launch services accounted for 20%, Lockheed said in a regulatory filing in February. The Russian venture received four new awards for launches on Proton vehicles in 2005, and ILS was awarded 10 contracts for launch services using Atlas or Proton vehicles, the filing said. At the end of 2005, Lockheed's balance sheet included $315 million of advances received from customers for Proton launch services not yet provided, the filing said. The sale will close in the fourth quarter and won't have a material effect on Lockheed, the company said. Space Transport is registered in the British Virgin Islands and owned by Mario Lemme, Greer said. Lemme couldn't immediately be located. Lockheed announced the sale of its satellite telecommunications services business to Intelsat Ltd. for $90 million in 2004. (Bloomberg)
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