Everything about Lockheed Martin totally explained
Lockheed Martin 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).
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. The deal was finalized on
March 15,
1995 when the two companies' shareholders approved the merger. 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 the
Orion – the next
spaceship for
human flight – for the Ares I rocket in the Constellation Program.
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 that the Lockheed team incorrectly programmed the
Mars Climate Orbiter with English units 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
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 from Boeing 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 that the weight of the
Aerial Common Sensor electronics payload exceeded the
Embraer 145 airframe, which was Lockheed's selected aircraft.
On
November 2 2006, the $154 million
Mars Global Surveyor suffered a critical malfunction when 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
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 Advanced Technology Labs
Sandia Corporation
Information Systems and Global Services
Knolls Atomic Power Laboratory
Lockheed Martin Enterprise Solutions & Services
Lockheed Martin Integrated Systems & Solutions
Lockheed Martin Technology Ventures
Lockheed Martin Transportation & Security Solutions
Lockheed Martin Business Process Solutions
Lockheed Martin Mission & Combat Support Solutions
Space Systems
Lockheed Martin Space Systems
Others
LMC Properties
Lockheed Martin Aircraft Argentina SA (formerly Fabrica Militar de Aviones)
Lockheed Martin Enterprise Information Systems
Lockheed Martin Finance Corporation
Lockheed Martin U.K.
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)
United Space Alliance (with Boeing)
Kelly Aviation Center (with GE and Rolls-Royce)
Protector USV - an unmanned surface vehicle with RAFAEL Armament Development Authority and BAE Systems
Defense Support Services (DS2) (with Day & Zimmermann) official site
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.
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.
Further Information
Get more info on 'Lockheed Martin'.
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