Lockheed Martin [LMT] on Wednesday said it has agreed to sell an energy business to TRC Companies, a consulting, engineering and construction firm supporting energy, environmental and infrastructure markets.
Terms of the deal were not disclosed.
Lockheed Martin said the divestiture of its Distributed Energy Solutions business will let it focus its energy strategy on products and technology for the energy market and the Defense Department.
The Distributed Energy Solutions group is a commercial business that provides services for energy efficiency, demand response, energy resource management, data analytics, cyber security, cloud services, and information technology and operational technology systems integration and operation. The business has 400 employees.
TRC is based in Massachusetts and has more than 5,500 employees worldwide.
Lockheed Martin’s Energy business line provides energy products to customers worldwide. Its products include long duration energy storage and nuclear instrumentation and controls, and it provides solutions for federal customers. The Energy business is part of the Missiles and Fire Control segment.
Goldman Sachs is Lockheed Martin’s financial advisor on the deal.