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Public ( NYSE : ''' LMT ''')
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"We never forget who we're working for"
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1912 (in 1995 , company took on current name)
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Headquarters in Bethesda , Maryland locations in 45 US States and 56 countries
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man, President , and Chief Executive Officer
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140,000
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Aerospace and Defense
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$37213 billion USD ( 2005 ), and a backlog of $74825 billion USD
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ATC systems, ballistic missiles, munitions, NMD elements, transport aircraft, fighter aircraft, radar, satellites, Atlas Launch Vehicles , NASA 's Orion Spacecraft , numerous others
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() 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, Maryland , a community in
Montgomery County ,
Maryland , and employs 140,000 people worldwide.
Robert J. Stevens is the current
Chair man,
President , and
Chief Executive Officer .
Lockheed Martin is the world's largest ''. 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 .
Lockheed Martin was formed by a "merger of equals", both companies contributing important products to the new portfolio.
Lockheed products included the
Trident Missile ,
P-3 Orion ,
F-16 Fighting Falcon (the production line being purchased from
General Dynamics in
1993 ),
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. Six companies not kept after the merger became the foundation for today's
L-3 Communications , a mid-sized defense contractor in its own right.
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 Department of Defense's procurement budget).
In
September 1999 , the
Mars Climate Orbiter smashed into the surface of
Mars and was destroyed due to a failure to convert imperial measures of rocket thrust (
Pounds ) to metric measures (
Newtons ). Lockheed, the prime contractor for the mission, measured the thruster firings in pounds, even though the
National Aeronautics And Space Administration had requested metric measurements. The $250 million dollar spacecraft burned up or broke apart in the Mars' atmosphere due to the error. 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 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 May 2000, Lockheed Martin sold
Lockheed Martin Control Systems to
BAE Systems . In November 2000, Lockheed completed the sale of its
Aerospace Electronic Systems business to BAE Systems for
$ 1.67 billion. 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 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
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 pulled the plug on an $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.
In May 2006 it was 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.Dutt, Jill. "Taking an Engineer's Approach at Lockheed Martin." Washington Post, May 1, 2006.
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In
2006 , Lockheed Corporation won a 3.9 billion dollar contract from NASA on
August 31 to design and build the CEV capsule, also known as the ''
Orion '', for the nation’s next
Spaceship for
Human Flight , for the Ares I rocket in the Constellation Program.
; in production since the
1950s , now as the C-130J]]
On
November 2 2006 , the $154 million
Mars Global Surveyor suffered a critical malfunction. It had completed its primary mission in 2001 and was on its third extended mission when it finally failed. NASA reported on
April 13 ,
2007 that the malfunction was caused by a faulty command sent from Lockheed Martin Space Systems in
Denver caused an onboard battery to overheat, eventually causing a loss of power. 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 (ULA). This is a joint venture between Lockheed Martin and
Boeing , 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 . Mr. 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. When his supervisors told him to drop the investigation and do nothing with the information, he went to intelligence officials in the
United States Army and later the
FBI to address the national security breaches. When
Sandia Corporation management discovered his actions months later, they revoked his
Security Clearance and fired him.
Current members of the , 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.
