Lockheed Martin
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Lockheed Martin
<tr><td colspan="2" style="text-align:center; padding:16px 0 16px 0;"> | |
| Type | Public (NYSE: LMT) |
|---|---|
| Founded | 1912 (in 1995, company took on current name) |
| Headquarters | HQ in Bethesda, Maryland; locations in 45 U.S. states and 56 countries
<tr><th style="text-align:right; padding-right:0.75em;">Key people</th><td>Robert J. Stevens: Chairman, President, and CEO</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Industry</th><td>Aerospace and defense</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Products</th><td>ATC systems, ballistic missiles, munitions, NMD elements, transport aircraft, fighter aircraft, radar, satellites, Atlas launch vehicles, NASA's Orion spacecraft, numerous others</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Revenue</th><td>Image:Green Arrow Up.svg$37.213 billion USD (2005), and a backlog of $74.825 billion USD.</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Employees</th><td>135,000+</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Slogan</th><td>"We never forget who we're working for"</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Website</th><td>www.lockheedmartin.com</td></tr> |
Lockheed Martin (NYSE: LMT) is a leading aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. It is headquartered in Bethesda, Maryland, a community in Montgomery County, Maryland, and employs 135,000 people worldwide. Robert J. Stevens is the current Chairman, President, and CEO.
Lockheed Martin is the world's largest defense contractor (by defense revenue).<ref name="defensenews_2005_ranking">"Defense News Top 100." Defense News.</ref> As of 2005, 95% of Lockheed Martin's revenues came from the U.S. Department of Defense, other U.S. federal government agencies, and foreign military customers.
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[edit] History
Shortly after the creation of the company Lockheed Martin acquired the majority of Loral Corporation's defense electronics and system integration businesses for $9.1 billion. The remainder of Loral became Loral Space & Communications.
In 1998, Lockheed Martin abandoned plans to merge with Northrop Grumman due to government concerns over the potential strength of the new group (Lockheed/Northrop would have had control of 25% of the DoD's procurement budget).
In 2000, Lockheed agreed to pay a $13 million settlement to the US government for breaching the arms export control act. The company passed information to [AsiaSat], a major shareholder of which is the Chinese government. In November 2000 Lockheed completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion USD.
Lockheed Martin won the contract to build the Joint Strike Fighter in 2001 with its F-35 design. This is the most important fighter aircraft procurement project since the F-16, with an initial order of 3,000 worth $200 billion before export orders.
In 2003, Lockheed Martin benefited from a USAF decision to punish Boeing for conducting industrial espionage against its rival. The USAF revoked $1 billion worth of contracts from Boeing and awarded them to Lockheed Martin. The company sued Boeing in 1998 for stealing documents related to a military contract.
It was recently reported in the Washington Post 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.<ref>Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.[1]</ref>
In 2006, Lockheed Corporation won a 3.9 billion dollar contract from NASA on August 31 to design and build the nation’s next spaceship for human flight, a craft called Orion.
Lockheed Martin was formed by a "merger of equals". Below are examples of the products each company contributed to the current portfolio:
[edit] Lockheed
See the main article Lockheed Corporation.
- Trident missile
- P-3 Orion
- F-16 Fighting Falcon (production line purchased from General Dynamics in 1993)
- F-22 Raptor
- F-35 Lightning II
- C-130 Hercules
- A-4AR Fightinghawk
- DSCS-3 satellite
[edit] Martin Marietta
- Titan rockets
- Sandia National Laboratories (management contract acquired in 1993)
- Space Shuttle External Tank
- Viking 1 and Viking 2 landers
- Transfer Orbit Stage (under subcontract to Orbital Sciences Corporation)
[edit] Satellites
- A2100
- Martin Marietta 3000
- Martin Marietta 4000
- Martin Marietta 7000
- Tiros-N meteorological satellites
- Vinasat 1 (making is in progress)
[edit] 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.
[edit] Divisions
[edit] Aeronautics
Image:Trident II missile image.jpg
[edit] Electronic Systems
- Lockheed Martin Canada
- Lockheed Martin Maritime Systems & Sensors
- Lockheed Martin Missiles & Fire Control
- Lockheed Martin Simulation, Training & Support
- Lockheed Martin Systems Integration - Owego
- Lockheed Martin Transportation & Security Solutions
[edit] Information & Technology Services
- Sandia Corporation
- Knolls Atomic Power Laboratory
- Lockheed Martin Advanced Technologies Laboratory (ATL)
- Lockheed Martin Aircraft & Logistics Centers
- Lockheed Martin Aircraft Argentina SA (formerly Fabrica Militar de Aviones)
- Lockheed Martin Information Technology
- Lockheed Martin Space Operations
- Lockheed Martin Systems Management
- Lockheed Martin Technical Operations
- Lockheed Martin Technology Ventures
[edit] Integrated Systems & Solutions
[edit] Space Systems
[edit] Others
- LMC Properties
- Lockheed Martin Enterprise Information Systems
- Lockheed Martin Finance Corporation
- Lockheed Martin U.K.
[edit] Joint Ventures
- International Launch Services (with Khrunichev, RSC Energia)
- Lockheed Martin Alenia Tactical Transport Systems (with Finmeccanica-Alenia, now folded)
- MEADS International (with EADS and MBDA)
- Space Imaging (46%, remainder public)
- United Launch Alliance (with Boeing, subject to US Government approval as of 01/2006)
- United Space Alliance (with Boeing)
- Kelly Aviation Center (with GE and Rolls-Royce)
[edit] Facts
- The firm's name, "Lockheed Martin," is sometimes colloquially abbreviated as "LockMart".[2]
- Lockheed Martin sponsors the Lockheed Martin Maintenance Trophy which is an annual competition that runs in parallel with the Fincastle competition in which groundcrews of the P-3 Orion and the Nimrod MR2 take part in various tasks and exercises to see who comes out on top.
[edit] References
<references/>
[edit] See also
[edit] External links
- Lockheed Martin website
- Article on Lockheed Martin from the Center for Media and Democracy
- Washington Technology article "Lockheed loses Los Alamos outsourcing to U. of Calif"
- Counterpunch article "Lockheed and Loaded"
- Washington Post article "Lockheed Wins Contract to Build NASA's New Spaceship"
- Patents owned by Lockheed Martin. US Patent & Trademark Office. Retrieved on December 5, 2005.
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Categories: Companies listed on the New York Stock Exchange | Lockheed Martin | Aerospace companies | Companies based in Maryland | Defense companies of the United States | Fort Worth, Texas | Fortune 1000 | S&P 500 | Aircraft manufacturers of the United States | Companies established in 1912 | Forbes 2000
