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Lockheed Martin

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Lockheed Martin
250px
Type Public (NYSE: LMT)
Founded 1912 (in 1995, company took on current name)
Headquarters Bethesda, Maryland, United States
Key peopleRobert J. Stevens
(Chairman), (President) & (CEO)
Bruce L. Tanner
(Executive Vice President) & (CFO)
Area servedWorldwide
IndustryAerospace
Defense
ProductsATC systems
Ballistic missiles
Munitions
NMD elements
Transport aircraft
Fighter aircraft
Radar
Satellite
Atlas launch vehicles
NASA's Orion spacecraft
RevenueTemplate:Profit US$ 41.862 billion (2007)
(backlog of US$ 74.825 billion)
Operating incomeTemplate:Profit US$ 4.527 billion (2007)
Net incomeTemplate:Profit US$ 3.033 billion (2007)
Employees140,000 (2008)
Slogan"We never forget who we're working for"
WebsiteLockheedMartin.com
For the former companies, see Lockheed and Martin Marietta.

Lockheed Martin (Template:Nyse) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation 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.

File:Lockheed C-130 Hercules.jpg
C-130 Hercules; in production since the 1950s, now as the C-130J

Controversy

In September 1999, the Mars Climate Orbiter smashed into the surface of Mars and was destroyed. Lockheed accepted blame for the demise of the craft after an investigation revealed company engineers had incorrectly programmed the spacecraft with Imperial instead of metric units.

In 2000, Lockheed agreed to pay a $13 million settlement to the U.S. government for breaching the Arms Export Control Act. The company had passed information to AsiaSat, of which a major shareholder is the Communist Chinese government. According to the U.S. Department of State, the information given to AsiaSat may have helped China improve its missiles.

In 2003, Lockheed Martin benefited from a U.S. Air Force decision to punish the Boeing Company for conducting industrial espionage against its rival. The USAF revoked $1 billion worth of contracts and awarded them to Lockheed Martin. The company sued Boeing in 1998 for stealing documents related to a military contract.

On January 12, 2006, the U.S. Army canceled a $879 million Aerial Common Sensor contract with Lockheed Martin. The Army found the weight of the Aerial Common Sensor electronics exceeded the payload of the Embraer 145 airframe, which was Lockheed's selected aircraft.

On November 2, 2006, the $154 million Mars Global Surveyor suffered a critical malfunction from a faulty command sent from Lockheed Martin Space Systems in Denver. The spacecraft was lost when the power loss cut off communications with the orbiter. On December 1, 2006 all of Lockheed Martin's commercial launch operations were transferred to the United Launch Alliance. The joint venture between Lockheed Martin and Boeing was first announced May 2, 2005.

On February 13, 2007 a New Mexico state court found Sandia Corporation, a wholly owned subsidiary of Lockheed Martin, liable for $4.7 million in damages for the firing of a former network security analyst, Shawn Carpenter. Carpenter had reported to his supervisors that hundreds of military installations and defense contractors' networks were compromised and sensitive information was being stolen – including hundreds of sensitive Lockheed documents on the Mars Reconnaissance Orbiter project.

Organization

Aeronautics

File:Lockheed F-35 Joint Strike Fighter.jpg
Lockheed Martin/BAE/Northrop Grumman X-35 (F-35 Prototype)
File:Trident II missile image.jpg
Submarine launch of a Lockheed Trident missile

Electronic Systems

Information Systems and Global Services

Space Systems

Others

Joint ventures

File:Protector USV.jpg
The Protector USV.

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.[9]

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.[10]

References

  1. ↑ "Defense News Top 100." Defense News.
  2. ↑ Norris, Floyd. "A 'merger of equals,' with Martin Marietta the most equal", The New York Times, 1994-08-31. Retrieved on 2008-05-03.
  3. ↑ "Martin Marietta-Lockheed merger is approved", The New York Times, 1995-03-16. Retrieved on 2008-05-03.
  4. ↑ Mintz, John. "Lockheed-Martin Loral Merger May Mean a Loss of Business; McDonnell Douglas Threatens to Cancel Billions in Contracts", The Washington Post, 1996-04-23. Retrieved on 2008-05-03.
  5. ↑ Wayne, Leslie. "Lockheed cancels Northrop merger, citing U.S. stand", The New York Times, 1998-07-17. Retrieved on 2008-05-03.
  6. ↑ "Contract for BAE", The Times, Times Newspapers, 2000-11-28. Retrieved on 2008-05-03.
  7. ↑ Parreault, Carl. "British aerospace firm buys Sanders", The Union Leader, 2004-07-14. Retrieved on 2008-05-03.
  8. ↑ Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.[1]
  9. ↑ http://www.epa.gov/lean/studies/lockheed.htm
  10. ↑ http://www.calepa.ca.gov/ems/archives/WorkPlans/Lockheed.htm

See also

External links

Template:Lockheed Martin

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