Business

The Lockheed Martin Corp. announced yesterday that it will withdraw from the Russian-American joint venture that markets Russian Proton rockets. The company cited the rising prices being demanded by the rockets maker, the Khrunichev State Space Research Center, and a number of unfulfilled obligations of the center, as the motivation for its decision. In the 11 years of its existence, the International Launch Services sold 37 Proton rockets for a total of $2.5 billion.
Lockheed Martin said yesterday that Space Transport Inc., a company registered in the Virgin Islands, would be the purchaser of its shares in ILS as well as Lockheed Khrunichev Energia International. A source in the Russian space industry said that Space Transport was being launched as a temporary holder of the assets Lockheed is selling. Eventually, those assets will be bought by Khrunichev, apparently with Vneshtorgbank acting as creditor. The value of the deal was estimated by the source as about $150 million. He added that the ILS would remain as a company registered in the United States and would also market Khrunichev's new Angara rocket in the future. Lockheed Martin will sell its Atlas rockets through its Lockheed Martin Commercial Launch Services.