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BAE gets Lockheed units?
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July 13, 2000: 6:39 p.m. ET
Report: BAE Systems to pay $1.67B for Lockheed electronics units
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NEW YORK (CNNfn) - Lockheed Martin Corp. is set to sell a group of defense electronics businesses that includes its Sanders unit to U.K. company BAE Systems PLC for $1.67 billion, The Wall Street Journal reported Thursday.
Citing people familiar with the situation, the Journal reported Lockheed's board is meeting to consider the offer from BAE, which edged out Northrop Grumman Corp. Lockheed has been in talks with several companies about a deal over the past few months.
Nashua, N.H.-based Sanders makes aircraft self-protection systems and tactical surveillance and intelligence systems. It has about 4,400 employees.
The deal would be subject to approval from the departments of Justice, Defense and State, who will most likely concentrate on the issue of a foreign company owning U.S.-based defense companies.
Bethesda, Md.-based Lockheed Martin (LMT: Research, Estimates) is the world's No. 2 aerospace and defense firm, with more than 147,000 employees and revenue of $25.5 billion in 1999.
BAE Systems is one of the largest defense contractors in Europe, with more than 47,000 employees. 
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