NASHUA, N.H.-Lockheed Martin Corp. announced it has agreed to sell operating company Sanders Telecommunications Systems to a newly formed affiliate of Spencer Trask & Co. called Transcept Inc.
Following the close of the transaction, expected next month, Transcept will be jointly owned by ST&Co., Lockheed Martin and financial investors, said the company.
Sanders’ core defense electronics technologies include wideband radio, digital and analog communication systems and very high-speed real-time digital signal processing. Sanders Telecommunications was formed as part of a 1993 initiative designed to leverage the company’s core competencies into the commercial telecommunications marketplace.
Sanders Telecommunications’ primary product is a PCS-Over-Cable system that is being commercially deployed by personal communications services carrier WirelessNorth. The company also offers PCS-over-Fiber and PCS-over-Microwave products.
“This business arrangement will permit Lockheed Martin to remain a participant in this very promising marketplace, while enabling Sanders to retain our primary focus on the company’s core defense electronics business areas,” said Walter P. Havenstein, president of Sanders.
The companies said they expect Transcept operations to continue at the current site in Manchester, N.H., during the near term. About 50 Sanders employees are expected to transfer to Transcept.
