|Type||Public (NYSE: LMT)|
|Headquarters||Bethesda, Maryland, USA|
|Key people||Robert J. Stevens
(Chairman) & (CEO)
Christopher E. Kubasik
(President) & (COO)
Bruce L. Tanner
(Executive Vice President) & (CFO)
(Executive Vice President) & (Information Systems & Global Services)
Ralph D. Heath
(Executive Vice President) & (Aeronautics)
Joanne M. Maguire
(Executive Vice President) & (Space Systems)
Dr. Ray O Johnson
(Senior Vice President) & (CTO)
Atlas launch vehicles
NASA's Orion spacecraft
|Revenue||▲ US$ 42.731 billion (2008)
(58% > U.S. DoD 27% > U.S. Government 15% > International)
(backlog of $80.9 billion)
|Operating income||▲ US$ 5.131 billion (2008)|
|Net income||▲ US$ 3.217 billion (2008)|
|Total assets||▲ US$ 33.439 billion (2008)|
|Total equity||▼ US$ 2.865 billion (2008)|
Lockheed Martin (NYSE: LMT) is United States aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area. 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 as of 2008. In 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.
The company has received the Collier Trophy twice - in 2001 for being part of developing the X-35/F35B LiftFan Propulsion System, and again in 2006 for leading the team that developed the F-22 Raptor fighter jet.
Merger talks between Lockheed Corporation and Martin Marietta began in March 1994, with the companies announcing their $10 billion planned merger 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.
In 2001, Lockheed Martin settled a nine year investigation conducted by NASA's Office of Inspector General with the assistance of the Defense Contract Audit Agency. The company paid the United States government $7.1 million based on allegations that its predecessor, Lockheed Engineering Science Corporation, submitted false lease costs claims to NASA.
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 - more than three-quarters - 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 acquired the government business unit of Nantero, Inc., a company that had developed methods and processes for incorporating carbon nanotubes in next-generation electronic devices.
Since 1995, Lockheed Martin has been forced to pay a total of $577.2 million for 11 instances of contract fraud, out of a total of 50 instances of various kinds of misconduct (including contract fraud, contractor kickbacks, nuclear safety violations, and others).
Since 1997, Lockheed Martin has donated $2,346,300 to both the Republican and Democratic party, and 8 Bush administration policy makers had ties to Lockheed Martin. This has led some to accuse it of being involved in revolving door politics, and of being part of the military-industrial complex.
In 2004, it was revealed that Lockheed Martin had employed civilian interrogators at Abu Ghraib, and the Bagram Theater Internment Facility, which linked it to the Bagram torture and prisoner abuse and the Abu Ghraib torture and prisoner abuse scandals. Joseph Wagovich, company spokesman for Lockheed Martin's information technology division, revealed that Lockheed Martin was also employing "intelligence analysts" at Guantanamo Bay Naval Base.
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.