Lockheed Martin facts for kids

Quick facts for kids
Lockheed Martin Corporation

Type	Public
Traded as	NYSE: LMT S&P 100 component S&P 500 component
Industry	Aerospace Defense
Predecessors	Lockheed Corporation Martin Marietta
Founded	March 15, 1995; 30 years ago (1995-03-15)
Headquarters	Bethesda, Maryland, United States
Area served	Worldwide
Key people	James Taiclet (chair, president & CEO)
Revenue	US$71.04 billion (2024)
Operating income	US$7.013 billion (2024)
Net income	US$5.336 billion (2024)
Total assets	US$55.62 billion (2024)
Total equity	US$6.333 billion (2024)
Number of employees	116,000 (2022) 121,000 (2024)
Divisions	Aeronautics Missiles and Fire Control Rotary and Mission Systems Space

The C-130 Hercules has been in production since the 1950s with the C-130J variant being produced now.

Submarine launch of a Lockheed UGM-133 Trident II SLBM

The Lockheed Martin Corporation is a big American company. It makes things for defense and aerospace. This means they build aircraft, missiles, and spacecraft. The company's main office is in North Bethesda, Maryland, United States. It was created on March 15, 1995. This happened when two companies, Lockheed Corporation and Martin Marietta, joined together.

Lockheed Martin has four main parts, called divisions. Each division focuses on different types of products.

• Lockheed Martin Aeronautics makes famous aircraft. These include the F-35 Lightning II fighter jet. They also make the Lockheed C-130 Hercules transport plane. Other well-known planes are the F-16 Fighting Falcon and the F-22 Raptor.
• Lockheed Martin Missiles and Fire Control builds missiles and related systems. Examples are the MIM-104 Patriot missile and the Terminal High Altitude Area Defense system. They also make the AGM-114 Hellfire missile.
• Lockheed Martin Rotary and Mission Systems works on helicopters and combat systems. They make Sikorsky Aircraft helicopters like the Sikorsky UH-60 Black Hawk. This division also develops the Aegis Combat System for ships.
• Lockheed Martin Space focuses on space technology. They build parts for the Orion spacecraft. They also work on GPS Block III satellites and hypersonic weapons.

In 2024, a large part of the company's income came from the United States government. Most of this was from the United States Department of Defense. A significant portion of their income also came from sales of the F-35 fighter jet.

Lockheed Martin also works with other government groups. These include National Aeronautics and Space Administration (NASA). They provide products and services to various U.S. government departments.

The company has won important awards, like the Collier Trophy. They won it for helping develop the F-35's special engine system. They also won for a system that helps planes avoid crashing into the ground. Lockheed Martin is a main contractor for the Orion command module. They also invest in new technologies. These include renewable energy and nuclear fusion.

Company History

How Lockheed Martin Started

Talks about joining Lockheed Corporation and Martin Marietta began in 1994. They announced their plan to merge on August 30, 1994. The new company's main office would be in North Bethesda, Maryland. The merger was completed on March 15, 1995. Both companies' owners agreed to the plan. Some parts of the original companies that were not kept became L-3 Communications.

Both original companies brought important products to the new company. Lockheed's products included the Trident missile and the U-2 spy plane. They also made the F-117 Nighthawk and F-22 Raptor fighter jets. Martin Marietta's products included Titan rockets and parts for the Space Shuttle. They also built the Viking 1 and Viking 2 Mars landers.

In 1996, Lockheed Martin bought the defense electronics business of Loral Corporation. They also planned to merge with Northrop Grumman in 1998. However, the government stopped this plan. They were worried the new company would be too powerful.

In the 1990s, Lockheed Martin also helped create technology for video games. They developed graphics chips for popular arcade games.

Key Events in the 2000s

In 2001, Lockheed Martin won a big contract to build the F-35 Lightning II. This was a huge project for fighter aircraft. Also in 2001, the company settled an investigation with NASA. They paid the U.S. government $7.1 million. This was related to claims about lease costs from a previous company.

In 2006, Lockheed Martin won a contract from NASA. This was to design and build the Orion capsule. This capsule was for the Constellation Program. In 2007, Lockheed Martin bought 3Dsolve. This company created simulations and training tools.

Developments in the 2010s

In 2011, Lockheed Martin bought the first Quantum Computing System from D-Wave Systems. They planned to work together to use this new type of computer. Also in 2011, there was a cyberattack on the company. This led to new U.S. military rules about cyberattacks.

In 2012, Lockheed Martin announced they would reduce their workforce. This was to lower costs and stay competitive. In 2013, Marillyn Hewson became the company's chief executive officer. Lockheed Martin also partnered with DreamHammer for drone control software. They teamed up with Bell Helicopter for a new tiltrotor aircraft, the V-280 Valor.

In 2014, Lockheed Martin received a contract from the Pentagon. This was to build a "space fence." This fence would track space debris. This helps protect satellites and spacecraft from damage.

In 2015, Lockheed Martin announced plans to buy Sikorsky Aircraft. Sikorsky is famous for making helicopters. This deal was worth $7.1 billion. In December 2015, Lockheed won a contract to train Australia's military pilots.

In 2017, during a visit by President Donald Trump to Saudi Arabia, Lockheed Martin signed business deals. In 2018, Lockheed Martin secured a contract from the United States Air Force. This was to develop a hypersonic weapon prototype. Hypersonic missiles can travel very fast.

In November 2018, NASA awarded Lockheed Martin a contract. This made them eligible to bid on sending science payloads to the Moon. Lockheed Martin planned a lunar lander called McCandless Lunar Lander. In 2019, Lockheed Martin and NASA signed a $4.6-billion contract. This was to build more Orion capsules for NASA's Artemis program. This program aims to send astronauts to the Moon.

Recent Events in the 2020s

In January 2020, Lockheed Martin received a contract for the AEGIS Combat System. This system helps ships defend themselves. In March 2020, James D. Taiclet became the new CEO of Lockheed Martin. He also became chairman in January 2021.

Lockheed Martin has faced Chinese sanctions several times. This was because of their arms sales to Taiwan. In 2022, during the Russian invasion of Ukraine, Lockheed Martin saw an increase in sales. In May 2023, Lockheed started a new company called ForwardEdge ASIC. This company designs special computer chips.

In November 2023, some groups protested against arms companies, including Lockheed Martin. They were protesting the supply of weapons to Israel during the Gaza war. In March 2024, Lockheed Martin tried to buy another company called Terran Orbital.

In June 2024, the U.S. Army gave Lockheed Martin a $4.5 billion contract. This was to supply Patriot Advanced Capability-3 (PAC-3) missiles. These missiles are used for defense. In October 2024, Chauncey McIntosh was appointed as the new vice president and general manager of the F-35 Lightning II Program. In December 2024, Lockheed Martin announced a new company called Astris AI. This company will help defense companies use artificial intelligence.

Company Finances

For the year 2020, Lockheed Martin earned $6.833 billion. Their total income was $65.398 billion. This was a 9.3% increase from the year before. The company had many orders for future work. Its shares were worth over $389 each. The company's total value was about $109.83 billion. Lockheed Martin was ranked among the largest U.S. companies by income.

How Lockheed Martin is Organized

Other Business Areas

Lockheed Martin has offices and operations around the world.

• Lockheed Martin UK
• Lockheed Martin Canada

They also have internal teams that handle things like finance and human resources.

• Lockheed Martin Advanced Technology Laboratories

Companies Owned by Lockheed Martin

• ForwardEdge ASIC
• Lockheed Martin Finance Corporation
• LMC Properties

Partnerships with Other Companies

Lockheed Martin works with other companies on many projects. These are called joint ventures.

• International Launch Services (with Khrunichev and RSC Energia)
• MEADS International (with EADS and MBDA)
• United Launch Alliance (with Boeing)
• Javelin Joint Venture (with Raytheon)
• Longbow LLC (with Northrop Grumman)
• United Space Alliance (with Boeing)
• Kelly Aviation Center (with GE and Rolls-Royce)
• Protector USV – an unmanned surface vehicle (with Rafael Advanced Defense Systems and BAE Systems)
• Defense Support Services (DS2) with Day & Zimmermann
• Tata Lockheed Martin Aerostructures Limited (with Indian company Tata Advanced Systems)
• Advanced Military Maintenance Repair and Overhaul Center (AMMROC) (with Mubadala Development Company)

Company Leadership

Board of Directors

The board of directors helps guide the company. As of 2020, some members include:

• Daniel Akerson
• Joseph F. Dunford
• Ilene S. Gordon
• Jeh Johnson
• James D. Taiclet

Chief Executive Officers (CEOs)

The CEO is the top leader of the company.

• Daniel Michael Tellep (1995–1996)
• Norman R. Augustine (1996–1997)
• Vance D. Coffman (1997–2004)
• Robert J. Stevens (2004–2012)
• Marillyn Hewson (2013–2020)
• James D. Taiclet (2020–present)

Chairmen of the Board

The chairman leads the board of directors.

• Robert J. Stevens (2005–2013)
• Marillyn Hewson (2014–2021)
• James D. Taiclet (2021-present)

Who Owns Lockheed Martin

Lockheed Martin shares are mostly owned by large investment companies. These include State Street Corporation, Vanguard group, and BlackRock.

How Lockheed Martin Works

Senior management includes the CEO and leaders of the four main business areas. These leaders are in charge of big projects. Employees on each project are organized into different levels.

Lockheed Martin uses special programs to manage its employees. One program is called LM21. It uses ideas from Six Sigma, which helps improve how things are done. Managers lead teams to make processes better.

The company also focuses on quality control. They train teams and check that work is done correctly. They use a system called Technical Performance Measure (TPM). This system emphasizes their Lean and Six Sigma processes.

Workers who assemble aircraft use a method called Flow-to-takt manufacturing. This method helps make production efficient. It divides tasks into smaller parts. This allows workers to specialize in specific areas.

Double Helix Method

The "Double Helix methodology" is a way Lockheed Martin develops new systems. It combines trying out new ideas with technology. It also uses ideas from military experts. This helps them create new strategies and weapons.

See also

In Spanish: Lockheed Martin para niños

• Arms industry
• Military–industrial complex
• Defense contractor – table of comparable companies
• Lockheed Martin Maintenance Trophy
• Top 100 US Federal Contractors