Lockheed Martin facts for kids
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| Public | |
| Traded as | |
| Industry | Aerospace, Defense |
| Predecessors |
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| Founded | March 15, 1995 |
| Headquarters | Bethesda, Maryland, United States |
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Area served
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Worldwide |
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Key people
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James D. Taiclet (Chair, President & CEO) |
| Revenue |  US$67.6 billion (2023) |
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Operating income
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US$8.51 billion (2023) |
| US$6.92 billion (2023) |
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| Total assets |  US$52.5 billion (2023) |
| Total equity | US$6.84 billion (2023) |
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Number of employees
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122,000 (2023) |
| Divisions |
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The Lockheed Martin Corporation is a big American company that makes things for space and defense. It was created in March 1995 when two companies, Lockheed Corporation and Martin Marietta, joined together. Its main office is in Bethesda, Maryland, near Washington, D.C.
Lockheed Martin is one of the largest companies in the world for aerospace, military support, and technology. It makes many products for the U.S. military, the U.S. Department of Energy, and NASA. In fact, about half of its yearly sales go to the U.S. Department of Defense.
The company works in four main areas:
- Aeronautics: This part designs and builds airplanes.
- Missiles and Fire Control (MFC): This part makes missiles and other weapons systems.
- Rotary and Mission Systems (RMS): This part works on helicopters, ships, and other complex systems.
- Space: This part develops spacecraft and satellites.
Lockheed Martin has won many awards for its inventions, like the Collier Trophy. They are working on important projects such as the F-35 Lightning II fighter jet and the Orion spacecraft for NASA. They also invest in new technologies like renewable energy and nuclear fusion.
Contents
How Lockheed Martin Started
The 1990s: A Big Merger
Talks about joining Lockheed Corporation and Martin Marietta began in March 1994. They announced their plan to merge for $10 billion in August 1994. The deal was completed on March 15, 1995. The new company's main office was set up in North Bethesda, Maryland.
Both original companies brought important products to the new Lockheed Martin.
- Lockheed's products included the Trident missile, P-3 Orion patrol aircraft, U-2 and SR-71 Blackbird spy planes, F-117 Nighthawk, F-16 Fighting Falcon, F-22 Raptor, C-130 Hercules, and the F-117 Nighthawk.
- Martin Marietta's products included Titan rockets, parts for the Space Shuttle, and the Viking 1 and Viking 2 Mars landers.
In 1996, Lockheed Martin bought other defense businesses from Loral Corporation for $9.1 billion. However, a planned merger with Northrop Grumman in 1998 was stopped by the government. They were worried that the new company would be too powerful.
In the 1990s, Lockheed Martin also developed special chips for popular arcade games like those for the Sega Model 2 and Sega Model 3 systems.
The 2000s: New Projects and Sales
In 2001, Lockheed Martin won a big contract to build the F-35 Lightning II fighter jet. This was the largest fighter jet project since the F-16.
In 2006, Lockheed Martin won a $3.9 billion contract from NASA. This was to design and build the CEV capsule, which was later named Orion. This capsule was for the Ares I rocket in the Constellation Program.
The company also bought smaller tech companies during this time. For example, in 2007, they acquired 3Dsolve, a company that made simulations and training tools.
The 2010s: Changes and New Tech
In 2010, Lockheed Martin announced they would close their Eagan, Minnesota, location to save money. In 2011, they bought the first Quantum Computing System from D-Wave Systems. They planned to work together to use this advanced computer for their challenging problems.
In 2012, Marillyn Hewson was announced as the new chief executive officer, starting in 2013. The company also partnered with DreamHammer in 2013 to use their software for controlling unmanned aerial vehicles (drones).
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In 2014, Lockheed Martin received a contract from the Pentagon to build a "space fence." This system helps track space debris to protect satellites and spacecraft.
A major event in 2015 was Lockheed Martin's plan to buy Sikorsky Aircraft for $7.1 billion. Sikorsky is famous for making helicopters. This deal was approved in November 2015.
In 2018, Lockheed Martin secured a $480 million contract from the United States Air Force to develop a hypersonic weapon prototype. Hypersonic missiles can travel extremely fast, about one mile per second.
In 2019, Lockheed Martin and NASA signed a $4.6 billion contract. This was to build six or more Orion capsules for NASA's Artemis program. This program aims to send astronauts back to the Moon.
The 2020s: Recent Developments
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In March 2020, James D. Taiclet took over as CEO, replacing Marillyn Hewson.
In 2022, during the conflict in Ukraine, major arms companies like Lockheed Martin saw an increase in their sales and profits.
In May 2023, Lockheed Martin started a new company called ForwardEdge ASIC. This company designs special computer chips for its customers.
How Lockheed Martin Works
Business Areas
Lockheed Martin organizes its work into several main business areas:
- Aeronautics Business Area: This includes Skunk Works, a famous team known for developing secret and advanced aircraft.
- Missiles and Fire Control Business Area "MFC"
- Rotary and Mission Systems Business Area "RMS": This includes Sikorsky, which makes helicopters.
- Space Business Area
International Operations
Lockheed Martin also has operations in other countries:
- Lockheed Martin UK (United Kingdom)
- Lockheed Martin Canada
- Lockheed Martin Australia
Joint Ventures
The company often works with other companies on special projects. These are called joint ventures:
- International Launch Services (with Russian companies)
- MEADS International (with European companies)
- United Launch Alliance (with Boeing)
- Javelin Joint Venture (with Raytheon)
- Longbow LLC (with Northrop Grumman)
- United Space Alliance (with Boeing)
Government Contracts
Lockheed Martin receives many contracts from the U.S. government. In 2008 alone, they received $36 billion in government contracts, which was more than any other company at that time. They work for many different government agencies, not just the military.
They are involved in gathering and processing information for agencies like the CIA, FBI, and National Security Agency (NSA).
Lockheed Martin also helps the military use renewable energy sources, like solar power. This helps improve national security by making the military less reliant on other energy sources.
Images for kids
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The C-130 Hercules has been made since the 1950s, and a newer version, the C-130J, is still produced today.
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A Lockheed UGM-133 Trident II missile being launched from a submarine.
