The Boeing Company [NYSE:BA] and Lockheed Martin Corporation [NYSE:LMT] today announced that they have completed the transaction combining their expendable launch vehicle businesses, forming the joint venture called United Launch Alliance, LLC (ULA). ULA will combine the production, engineering, test and launch operations associated with U.S. government launches of Boeing Delta and Lockheed Martin Atlas rockets. The proposed joint venture was first announced in May 2005.

"With this merger we have combined the launch capabilities of Boeing and Lockheed Martin to create a very capable family of rockets that will support our country's space needs for the 21st century," said Boeing Chairman, President and CEO Jim McNerney. "I am grateful to all of the employees who have remained focused on mission success and continued to deliver to our customer despite the distractions of the merger process."

"On behalf of all Lockheed Martin employees and shareholders, I would like to thank the many government agencies that were involved in reviewing this very complex and important transaction," said Bob Stevens, Lockheed Martin Chairman, President and CEO. "Formation of ULA is essential if our country is to meet its requirements for assured access to space in the 21st century. I have the fullest confidence that ULA and its employees will meet our country's launch needs in a cost effective and reliable manner. This is clearly an important day for our nation."

Michael C. Gass has been named ULA president and chief executive officer and Daniel J. Collins has been named chief operating officer. ULA will be headquartered in Denver where most engineering and administrative activities will be consolidated. Major assembly and integration operations will be located primarily at Delta's manufacturing and assembly facility in Decatur, Ala.