Lockheed Martin 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. , 95% of Lockheed Martin's revenues came from the United States Department of Defense, other U.S. federal government agencies, and foreign military customers.
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. The deal was finalized on March 15, 1995 when the two companies' shareholders approved the merger. 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.
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.
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.
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.
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.
Lockheed Martin Gains Foothold In Laser-Guided Bomb Market.(to provide Paveway II GBU-16 laser guidance kits)(Brief Article)
Jan 03, 2002; By Hunter Keeter Having been cleared by the Pentagon last month to begin production, Lockheed Martin [LMT] has gained a piece of...
Lockheed Martin, Northrop Grumman plan $11.6 billion merger. (planned merger would result in a company with some 230,000 employees and revenues of about $37 billion)
Jul 07, 1997; Lockheed Martin [LMT] and Northrop Grumman [NOC] shocked the aerospace and defense industries last week, announcing a planned...