Lockheed Martin Announces Sale of Newtown Property

Lockheed Martin has entered into an agreement to sell its Newtown facility to KVK-Tech, a Newtown-based pharmaceutical company, according to reports.

The sale price of the 57-acre property, located off the Newtown Bypass, was not disclosed. KVK-Tech President and CEO Anthony Tabasso told the Bucks County Courier Times the company would not move into the property for about a year.

KVK will acquire the facility in June but the company has agreed to allow Lockheed Martin to stay there until the end of 2015 as it winds down operations, according to the Newtown Advance.

Lockheed Martin announced in 2013 that it was planning to close its Newtown campus as part of a larger move to consolidate several of its domestic facilities and reduce its workforce.