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Lockheed Martin

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For the former companies, see Lockheed Corporation and Martin Marietta.
Lockheed Martin
Company typePublic (NYSE: LMT)
IndustryAerospace
Defense
Global Security
Founded1995
HeadquartersBethesda, Maryland, USA
Area served
Worldwide
Key people
Robert J. Stevens
(Chairman) & (CEO)
Christopher E. Kubasik
(President) & (COO)
Dr. Ray O Johnson
(Senior Vice President) & (CTO)
ProductsATC systems
Ballistic missiles
Munitions
NMD elements
Transport aircraft
Fighter aircraft
Radar
Satellite
Atlas launch vehicles
NASA's Orion spacecraft
Hulc-Human exoskeleton
RevenueIncrease US$ 45.189 billion (2009)
(58% > U.S. DoD 27% > U.S. Government 15% > International)
(backlog of $80.9 billion)
Increase US$ 4.466 billion (2009)
Increase US$ 3.024 billion (2009)
Total assetsIncrease US$ 35.111 billion (2009)
Total equityDecrease US$ 4.129 billion (2009)
Number of employees
140,000 (2009)
WebsiteLockheedMartin.com

Lockheed Martin (NYSE: LMT) is a United States aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation 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 among the very largest defense contractors in the world, and in 2008 70% of Lockheed Martin's revenues came from military sales.[1]

Lockheed Martin operates in four business segments. These comprise, with respective percentages of 2009 total net sales of $45.2 bn, Aeronautics (27%), Electronic Systems (27%), Information Systems & Global Services (27%), and Space Systems (19%). In 2009 US Government contracts accounted for $38.4 bn (85%), foreign government contracts $5.8 bn (13%), and commercial and other contracts $0.9 bn (2%).[2] In both 2009 and 2008 the company topped the list of US Federal Contractors.

The company has received the Collier Trophy twice – in 2001 for being part of developing the X-35/F-35B LiftFan Propulsion System,[3][4][5] and again in 2006 for leading the team that developed 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 merger on August 30, 1994.[6] The deal was finalized on March 15, 1995 when the two companies' shareholders approved the merger.[7] 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. Lockheed Martin later spun off the materials company Martin Marietta Materials.

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.[8]

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.[9]

Lockheed Martin provided NASA with measurements in US Customary force units when metric was required, resulting in the loss of the Mars Climate Orbiter at a cost of $125 million.[10][11] The cost for spacecraft development was $193.1 million.[citation needed]

File:Lockheedmartinheadquarters.jpg
A Lockheed Martin building in Bethesda, Maryland

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.[12][13]

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 some $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.[14]

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.[15]

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.[16]

On November 18, 2010, Lockheed Martin announced that it would be closing it's Eagan, MN location by 2013 in order to drive down costs and optimize capacity at their locations nationwide. [17]

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 Solutions

  • Lockheed Martin IS&GS-Civil
  • Lockheed Martin IS&GS-Defense
  • Lockheed Martin IS&GS-Security
  • Lockheed Martin IS&GS-Global
  • Lockheed Martin IS&GS Readiness & Stability Operations
  • Enterprise Integration Group[18] was formerly a part of Lockheed Martin IS&GS; it is being sold to Veritas Capital.[19]
    • Lockheed Martin Orincon
    • Lockheed Martin STASYS
  • Lockheed Martin Technology Ventures

Space

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.

Since 1995, the company has agreed to pay $577 million to settle fifty-four instances of misconduct.[20]

Lobbying

The company's 2010 lobbying expenditure by the third quarter was $9.9 million (2009 total: $13.7 million).[21][22]

Through its political action committee, the company provides low levels of financial support to candidates who advocate national defense and relevant business issues.[23]

Lockheed Martin Employees Political Action Committee is one of the 50 most generous PACs in the country, according to FEC data. With contributions from 3,000 employees, it donates $500,000 a year to about 260 House and Senate candidates. For the 2004 election cycle, Lockheed's PAC has already contributed $350,279 to federal candidates, with about 62 percent going to Republicans, according to the Center for Responsive Politics. That compares with $515,000 from General Dynamics' political action committee and $122,850 from BAE Systems North America, the center's data showed.[24]

See also

References

  1. ^ Jackson, Susan T. et al The SIPRI Top 100 arms-producing companies, 2008 (short) (long) Stockholm International Peace Research Institute, 2009. Retrieved: 13 June 2010. Quote: "Arms sales are defined by SIPRI as sales of military goods and services to military customers, including both domestic and export sales. Military goods and services are those which are designed specifically for military purposes"
  2. ^ "2009 Annual Report" (PDF). LockheedMartin.com. Retrieved 4 January 2011.
  3. ^ Propulsion System in Lockheed Martin Joint Strike Fighter wins Collier Trophy Lockheed Martin press release, February 28, 2003. Retrieved: January 2010
  4. ^ "Propulsion system for a vertical and short takeoff and landing aircraft", 1990 United States Patent 5209428 (PDF of original)
  5. ^ Collier Trophy; list of winners. Retrieved January 2010
  6. ^ 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)
  7. ^ "Martin Marietta-Lockheed merger is approved". The New York Times. 1995-03-16. {{cite news}}: |access-date= requires |url= (help)
  8. ^ 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)
  9. ^ Wayne, Leslie (1998-07-17). "Lockheed cancels Northrop merger, citing U.S. stand". The New York Times. {{cite news}}: |access-date= requires |url= (help)
  10. ^ "Metric mishap caused loss of NASA orbiter". CNN. 1999-09-30.
  11. ^ "Math error equals loss of Mars orbiter". Science News. 1999-10-09.
  12. ^ "Contract for BAE". The Times. Times Newspapers. 2000-11-28. {{cite news}}: |access-date= requires |url= (help)
  13. ^ Parreault, Carl (2004-07-14). "British aerospace firm buys Sanders". The Union Leader. {{cite news}}: |access-date= requires |url= (help)
  14. ^ LOCKHEED MARTIN PAYS NASA $7.1 MILLION SETTLEMENT. U.S. Department of Justice, United States Attorney Press Rlease, July 10, 2003.
  15. ^ Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.
  16. ^ "Lockheed Martin Acquires Nantero, Inc.'s Government Business Unit". Taume News. August 14, 2008. Retrieved 2008-08-14.
  17. ^ Hult, Karla. "Lockheed Martin to Close Eagan Plant, Shed 1,000 Jobs." Kare 11 News, November 19, 2010.
  18. ^ "Enterprise Integration Group". Retrieved 2010-10-13. {{cite web}}: Text "Lockheed Martin" ignored (help)
  19. ^ [18698-01-01 "defence.professionals"]. Retrieved 2010-10-13. {{cite web}}: Check |url= value (help); Text "defpro.com" ignored (help)
  20. ^ "Federal Contractor Misconduct Database". Project on Government Oversight. Retrieved 5 January 2011.
  21. ^ "Lockheed Martin Lobbying Expenditure". Center for Responsive Politics. Retrieved 5 January 2011.
  22. ^ "Lobbying Disclosure Act Database". United States Senate. Retrieved 5 January 2011.
  23. ^ "Political Disclosures". LockheedMartin.com. Retrieved 4 January 2011.
  24. ^ Lockheed Martin Employees PAC article
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