Lockheed Martin has announced the completion of its acquisition of Astrotech Space Operations, previously part of Astrotech Corporation.

The financial terms of the transaction were described by Lockheed Martin as "not material" to it. Astrotech, however, said the transaction was worth $61 million and was an important step in the company's strategic evolution towards maximizing the value of remaining operations, assets and intellectual property.

"I would like to take this opportunity to thank our shareholders for the continued support of our vision of the future for Astrotech," stated Thomas B. Pickens III, chairman and chief executive officer of Astrotech Corporation. "We are now better positioned to focus on building shareholder value as a worldwide leader in the application of mass spectrometry sensors to the security, process control, laboratory and environmental markets."

Astrotech Space Operations, which has operations in Florida and California, provides satellite launch preparation services -- from final testing and fueling to encapsulation and day-of launch operations. It has performed work on more than 300 successful U.S. and international spacecraft missions since its founding in 1981.