The Lockheed Martin Corporation is an American defense and aerospace manufacturer with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in North Bethesda, Maryland. As of January 2022, Lockheed Martin employs approximately 115,000 employees worldwide, including about 60,000 engineers and scientists.[3] Reports from 2024 estimate that Lockheed Martin Corporation (LMT) holds a market cap of around $139.7 billion.[4]
The company''s executives received large bonuses directly from the government as a result of the merger. Norman R. Augustine, who was at the time CEO of Martin Marietta, received an $8.2 million bonus.[21]
For the Mars Climate Orbiter, Lockheed Martin incorrectly provided NASA with software using measurements in US Customary force units when metric units were expected; this resulted in the loss of the Orbiter at a cost of $125 million.[24][25] The development of the spacecraft cost $193 million.[26][27]
In addition to their military products, in the 1990s Lockheed Martin developed the texture mapping chip for the Sega Model 2 arcade system board and the entire graphics system for the Sega Model 3, which were used to power some of the most popular arcade games of the time.[28]
In August 2007, Lockheed Martin acquired 3Dsolve, a Cary, North Carolina, company that created simulations and training modules for the military and corporate clients.[35] Renamed Lockheed Martin 3D Learning Systems, the company remained in Cary with 3D''s founder Richard Boyd as director.[36] The name was eventually shortened to Lockheed Martin 3D Solutions.[37]
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.[38][39] In 2009, Lockheed Martin bought Unitech.[40]
On November 18, 2010, Lockheed Martin announced that it would be closing its Eagan, Minnesota, location by 2013 to reduce costs and optimize capacity at its locations nationwide.[41] In January 2011, Lockheed Martin agreed to pay the U.S. Government $2 million to settle allegations that the company submitted false claims on a U.S. government contract for that amount. The allegations came from a contract with the Naval Oceanographic Office Major Shared Resource Center in Mississippi.[42]
On May 25, 2011, Lockheed Martin bought the first Quantum Computing System from D-Wave Systems. Lockheed Martin and D-Wave will collaborate to realize the benefits of a computing platform based upon a quantum annealing processor, as applied to some of Lockheed Martin''s most challenging computation problems. Lockheed Martin established a multi-year contract that includes one system, maintenance, and services, and represents a potentially important milestone for both companies.[43]
On May 28, 2011, it was reported that a cyberattack using previously stolen EMC files had broken through to sensitive materials at the contractor.[44] It is unclear if the Lockheed incident is the specific prompt whereby on June 1, 2011, the new United States military strategy, makes explicit that a cyberattack is casus belli for a traditional act of war.[45]
On July 10, 2012, Lockheed Martin announced it was cutting its workforce by 740 workers to reduce costs and remain competitive as necessary for future growth.[46] On November 27, 2012, Lockheed Martin announced that Marillyn Hewson would become the corporation''s chief executive officer on January 1, 2013.[47]
In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin. The test marked Canada''s first use of the combat system with the MK 48 heavyweight torpedo, variant 7AT.[64] The same month, a deal to merge Leidos with the entirety of Lockheed Martin''s Information Systems & Global Solutions (IS&GS) business came to a close.[65][66]
In May 2017, during a visit to Saudi Arabia by President Donald Trump, Saudi Arabia signed business deals worth tens of billions of dollars with U.S. companies, including Lockheed Martin.[67] (See: 2017 United States–Saudi Arabia arms deal)
On August 13, 2018, Lockheed Martin announced that the company had secured a $480 million contract from the United States Air Force to develop a hypersonic weapon prototype. A hypersonic missile can travel at one mile a second. This is the second contract for hypersonic weapons that Martin has secured; The first was from the Air Force as well and for $928 million which was announced in April 2018.[68][69]
On April 11, 2019, at 6:35 pm EDT, an Arabsat-6A satellite was successfully launched from (LC-39A). This satellite is one of two, the other being SaudiGeoSat-1/HellasSat-4 and they are the "most advanced commercial communications satellites ever built by" Lockheed Martin.[73]
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