Lockheed Martin

Lockheed Martin Essay, Research Paper

Lockheed Martin

Lockheed Martin Corporation was formed in March 1995 with the merger of

two of the world’s premier technology companies, Lockheed Corporation and

Martin Marietta Corporation. In 1996, Lockheed Martin completed its strategic

combination with the defense electronics and systems integration businesses

of Loral.

Lockheed Martin traces its roots back to the early days of flight. In 1909

aviation pioneer Glenn L. Martin organized a company around a modest

airplane construction business and built it into a major airframe supplier to U.S.

military and commercial customers. Martin Marietta was established in 1961

when the Glenn L. Martin Company merged with American-Marietta Corp., a

leading supplier of building and road construction materials. In 1913, Allan and

Malcolm Loughhead (name later changed to Lockheed) flew the first Lockheed

plane over San Francisco Bay. The modern Lockheed Corporation was formed

in 1932 after the fledgling airplane company was reorganized.

The former Loral Corporation was founded in 1948 in New York City by

William Lorenz and Leon Alpert as a small defense electronics firm that over

the years grew into a multi-billion dollar firm. In sum, the new Lockheed Martin

Corporation comprises all or portions of 17 heritage companies.

Lockheed Martin is a customer focused, global enterprise

principally engaged in the research, design, development, manufacture and

integration of advanced technology systems, products, and services for

government and commercial customers. Lockheed Martin operates in the

same context as its customers and is deeply involved in solving the problems

and meeting the demands and expectations of its customers. Moreover, it

leads the way in showing customers new systems-based possibilities and

opportunities.

The Corporation’s core business areas are systems integration,

aeronautics, space, technology services and global telecommunications.

Lockheed Martin’s vision is to be the world’s best systems integrator in

aerospace, defense and technology services; to be the company our nation

and its allies trust most to integrate their largest, most complex, most important

advanced technology systems. Our goal is to provide the best value to our

customers, growth opportunities to our employees, and superior returns to our

stockholders.

Lockheed Martin had 1999 sales surpassing $25 billion and employs

approximately 130,000 people.