Lockheed Martin Corporation
The Lockheed Martin Corporation is a diversified enterprise principally engaged in the conception, design, manufacture and integration of advanced technology products and services for the United States Government, foreign entities, and private industry.
Founded in 1909, the Glenn Martin Company pioneered research and development of aircraft. Seven years later the Loughead Aircraft Manufacturing Company was founded and later changed its name to the phonetic spelling Lockheed. Both companies played significant roles in the development of aviation technology. After supplying aircraft and weapons to the U.S. and its allies during the two World Wars, Lockheed and the Glenn Martin Company made great strides in the fields of jet aircraft, rocketry, and space flight. Overall, the two companies became leaders in the defense industry by developing advanced fighter aircraft, missiles, and space vehicles. This status has only been reaffirmed since the companies merged in 1995.
MAJOR MERGERS AND ACQUISITIONS
In 1961, the Glenn Martin Company consolidated with the American-Marietta Company (founded in 1913) and was renamed Martin Marietta Technologies, Inc. In April 1993, Martin Marietta expanded further when it combined with the Aerospace businesses of the General Electric Company. Affirming its commitment to remain a leading contractor in the nation's civil and military space launch programs, on December 22, 1993, Martin Marietta signed an agreement with General Dynamics to purchase its Space Systems Division. The primary asset of the Space Systems Division is business relating to the Atlas series of space launch vehicles and the Centaur upper stages used with Atlas and Titan IV launch vehicles.
On August 29, 1994 the Lockheed Corporation and the Martin Marietta Corporation announced that the two companies would merge into Lockheed Martin. The deal was finalized on March 15, 1995. Since its founding in 1995, Lockheed Martin has continued to expand, including the acquisition of the Loral Company on April 23, 1996. On July 3, 1997, it was announced that Lockheed Martin would combine with Northrop Grumman in an $11.6 billion transaction.
Lockheed Martin announced on 20 June 2015 that it had entered into a definitive agreement to acquire Sikorsky Aircraft for $9.0 billion from United Technologies Corporation. The price would effectively reduced to approximately $7.1 billion, after taking into account tax benefits resulting from the transaction. The acquisition was expected to close by late fourth quarter 2015 or early first quarter 2016.
|Join the GlobalSecurity.org mailing list|