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Lockheed Martin

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For the former companies, see Lockheed and Martin Marietta.
Lockheed Martin
Company typePublic (NYSE: LMT)
IndustryAerospace
Defense
Founded1995
HeadquartersBethesda, Maryland, United States
Area served
Worldwide
Key people
Robert J. Stevens
(Chairman), (President) & (CEO)
Bruce L. Tanner
(Executive Vice President) & (CFO)
ProductsATC systems
Ballistic missiles
Munitions
NMD elements
Transport aircraft
Fighter aircraft
Radar
Satellite
Atlas launch vehicles
NASA's Orion spacecraft
RevenueIncrease US$ 41.862 billion (2007)
(backlog of US$ 74.825 billion)
Increase US$ 4.527 billion (2007)
Increase US$ 3.033 billion (2007)
Total assetsIncrease US$ 28.926 billion (2007)
Total equityIncrease US$ 9.805 billion (2007)
Number of employees
140,000 (2008)
WebsiteLockheedMartin.com
File:Lockheedmartinheadquarters.jpg
Lockheed Martin headquarters in Bethesda

Lockheed Martin (NYSE: LMT) is a large multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed with Martin Marietta. It is headquartered in Bethesda, an unincorporated area in Montgomery County, Maryland and a suburb of Washington, D.C. Lockheed Martin employs 140,000 people worldwide. Robert J. Stevens is the current Chairman, President, and Chief Executive Officer.

Lockheed Martin is the world's largest defense contractor by revenue.[1] As of 2005, 95% of Lockheed Martin's revenues came from the United States Department of Defense, other U.S. federal government agencies, and foreign military customers.

A team led by prime contractor Lockheed Martin won the 2006 Collier Trophy for the development of the F-22 Raptor fighter jet.

History

Merger talks between Lockheed Corporation and Martin Marietta began in March 1994, with the companies announcing their $10 billion planned merge on August 30, 1994.[2] The deal was finalized on March 15, 1995 when the two companies' shareholders approved the merger.[3] The segments of the two companies not retained by the new company formed the basis for the present L-3 Communications, a mid-size defense contractor in its own right.

Both companies contributed important products to the new portfolio. Lockheed products included the Trident missile, P-3 Orion, F-16 Fighting Falcon, F-22 Raptor, C-130 Hercules, A-4AR Fightinghawk and the DSCS-3 satellite. Martin Marietta products included Titan rockets, Sandia National Laboratories (management contract acquired in 1993), Space Shuttle External Tank, Viking 1 and Viking 2 landers, the Transfer Orbit Stage (under subcontract to Orbital Sciences Corporation) and various satellite models.

On April 22, 1996, Lockheed Martin completed the acquisition of Loral Corporation's defense electronics and system integration businesses for $9.1 billion, the deal having been announced in January. The remainder of Loral became Loral Space & Communications.[4]

Lockheed Martin abandoned plans for a $8.3 billion merger with Northrop Grumman on July 16, 1998 due to government concerns over the potential strength of the new group; Lockheed/Northrop would have had control of 25% of the Department of Defense's procurement budget.[5]

In May 2000, Lockheed Martin sold Lockheed Martin Control Systems to BAE Systems. On November 27, 2000, Lockheed completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, a deal announced in July 2000. This group encompassed Sanders Associates, Fairchild Systems, and Lockheed Martin Space Electronics & Communications.[6][7]

In 2001, Lockheed Martin won the contract to build the F-35 Lightning II; this was largest fighter aircraft procurement project since the F-16, with an initial order of 3,000 worth $200 billion before export orders.

On May 12, 2006, The Washington Post reported that when Robert Stevens took control of Lockheed Martin in 2004, he faced the dilemma that within 10 years 100,000 of the about 130,000 Lockheed Martin employees would be retiring.[8]

On August 31, 2006, Lockheed Martin won a $3.9 billion contract from NASA to design and build the CEV capsule, also known as Orion – the next spacecraft for human flight – for the Ares I rocket in the Constellation Program.

On August 13, 2008, Lockheed Martin acquires the government business unit of Nantero, Inc., a company that had developed methods and processes for incorporating carbon nanotubes in next-generation electronic devices.[9]

Organization

Aeronautics

C-130 Hercules; in production since the 1950s, now as the C-130J
Lockheed Martin/BAE/Northrop Grumman X-35 (F-35 Prototype)
Submarine launch of a Lockheed Trident missile

Electronic Systems

Information Systems and Global Services

Space Systems

Others

Joint ventures

Corporate governance

Current members of the board of directors of Lockheed Martin are: Edward Aldridge, Nolan Archibald, Marcus Bennett, James O. Ellis, Gwendolyn King, James Loy, Douglas McCorkindale, Eugene Murphy, Joseph Ralston, Frank Savage, Anne Stevens, Robert J. Stevens, James Ukropina and Douglas Yearley.

Environmental record

Lockheed Martin's lean initiatives have helped to clean the environment eroded by chemicals from hazardous waste.[10] The company has partnered with the Environmental Protection Agency in a pilot project to gain information about better environmental protection practices. This experiment, taking place in Palmdale, California, is intended to provide insight into methods and development of pollution prevention.[11]

See also

References

  1. ^ "Defense News Top 100." Defense News.
  2. ^ Norris, Floyd (1994-08-31). "A 'merger of equals,' with Martin Marietta the most equal". The New York Times. {{cite news}}: |access-date= requires |url= (help)
  3. ^ "Martin Marietta-Lockheed merger is approved". The New York Times. 1995-03-16. {{cite news}}: |access-date= requires |url= (help)
  4. ^ Mintz, John (1996-04-23). "Lockheed-Martin Loral Merger May Mean a Loss of Business; McDonnell Douglas Threatens to Cancel Billions in Contracts". The Washington Post. {{cite news}}: |access-date= requires |url= (help)
  5. ^ Wayne, Leslie (1998-07-17). "Lockheed cancels Northrop merger, citing U.S. stand". The New York Times. {{cite news}}: |access-date= requires |url= (help)
  6. ^ "Contract for BAE". The Times. Times Newspapers. 2000-11-28. {{cite news}}: |access-date= requires |url= (help)
  7. ^ Parreault, Carl (2004-07-14). "British aerospace firm buys Sanders". The Union Leader. {{cite news}}: |access-date= requires |url= (help)
  8. ^ Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.[1]
  9. ^ "Lockheed Martin Acquires Nantero, Inc.'s Government Business Unit". Taume News. 14 August 2008. Retrieved 2008-08-14.
  10. ^ Lockheed Martin, Case Studies. Lean and the Environment, EPA
  11. ^ Lockheed Martin Aeronautics Company, Palmdale: Pilot Project Work Plan, calepa.ca.gov
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