End of space shuttles to hurt Lockheed
Bethesda defense contractor Lockheed Martin Corp. has built external fuel tanks for NASA’s space shuttles since the first launch, but with the space shuttle program coming to an end, there is no longer a need for tanks to fuel them.
After 37 years and the production of 136 external tanks, Lockheed delivered its final space shuttle tank to the Kennedy Space Center this week. Lockheed won its first contract to produce the tanks in 1973.
The tanks were produced at Lockheed’s Michoud Assembly Facility in New Orleans, which is transitioning its work to NASA’s shuttle replacement, the Orion Crew Exploration Vehicle. As external tank orders began winding down earlier this year, so did the number of employees working at the facility.
ManTech plans purchase of QinetiQ unit
Fairfax company ManTech International Corp. said it would buy McLean’s QinetiQ North America’s Security and Intelligence Solutions business for $60 million cash. ManTech said the deal is expected to close shortly and add to earnings next year.
The S&IS unit, which is on track to book $60 million in revenue this year, is based in Fairfax and provides integrated security solutions to the Pentagon and intelligence agencies.
Harman wraps up Newsweek purchase
Sidney Harman, the Washington entrepreneur and founder of audio and entertainment equipment maker Harman International Industries, has completed his acquisition of Newsweek magazine from the Washington Post Co.
Harman and the Post announced the deal in August, without disclosing the acquisition price. Harman made the acquisition through Harman Newsweek LLC.
