Lockheed Martin Company History Timeline
Lockheed Martin was founded in March 1995 and is headquartered in Bethesda, MD.“
The deal was finalized on March 15, 1995, when the two companies' shareholders approved the merger.
The spring 1995 exchange of stock created an advanced technology conglomerate with interests in the defense, space, energy, and government sectors serving the commercial, civil, and international markets.
On April 22, 1996, Lockheed Martin completed the acquisition of Loral Corporation's defense electronics and system integration businesses for $9.1 billion, the deal having been announced in January.
The aircraft was named the F-22 Raptor and first flew in 1997.
The F-22 Raptor, the Lockheed Martin/Boeing fifth-generation replacement for the F-15 fighter, entered flight testing in 1997 after a decade and a half in development.
Lockheed Martin abandoned plans for an $8.3 billion merger with Northrop Grumman on July 16, 1998, due to government concerns over the potential strength of the new group; Lockheed/Northrop would have had control of 25% of the Department of Defense's procurement budget.
Meanwhile CEO Vance Coffman initiated a reorganization of the firm in 1999, which split it into four operating segments.
Some of the company's space projects suffered catastrophic failures, including the very public loss of two Mars spacecraft in 1999.
guccione, jean. "lockheed settles with residents for $5 million." los angeles times, 18 october 2000.
On November 27, 2000, Lockheed completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, a deal announced in July 2000.
In 2000 it won a bid to coordinate warfare systems for the Navy’s new CVN-77 aircraft carrier.
In May 2001, Lockheed Martin sold Lockheed Martin Control Systems to BAE Systems.
After the September 11, 2001, terrorist attacks on the United States, Lockheed Martin trained tens of thousands of screeners for the newly formed Transportation Security Administration.
The company bought OAO Corporation in 2001.
In 2001, it was responsible for over three quarters of all Lockheed's net sales.
Lockheed Martin's share price remained relatively stable during 2001, but jumped at year end following the terrorist attacks on the World Trade Center and the Pentagon.
In 2001, Lockheed Martin settled a nine–year investigation conducted by NASA's Office of Inspector General with the assistance of the Defense Contract Audit Agency.
anselma, joseph c. "vance coffman: with great tenacity, the low-key ceo of lockheed martin guided the defense contractor out of stormy weather and into sunnier skies." washington techway, 7 january 2002.
In 2002, the company won a contract to modernize air traffic control systems for the Federal Aviation Administration.
The new political climate resulted in a proposed 2003 federal budget which included increases for defense procurement and research and development.
Lockheed produced 528 Titan rockets, and the last Titan-launched mission was scheduled for 2003.
Two more information technology providers, ACS and Orincon, were acquired a couple of years later, and a third, SYTEX Group Inc., was added in 2004.
Lockheed Martin bought Sippican Holdings Inc., which supplied technology for naval warfare applications, in 2004.
Lockheed Martin joined the Boeing Company in a joint venture called the United Launch Alliance in 2005.
In 2005 Lockheed Martin bought Coherent Technologies, provider of laser-based remote sensing systems.
Lockheed Martin had revenues approaching $40 billion in 2006.
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.
The first 14 planes, which cost about $30 million each, are scheduled for completion in 2008.
In 2009, Lockheed Martin bought Unitech.
In January 2011, Lockheed Martin agreed to pay the US Government $2 million to settle allegations that the company submitted false claims on a United States government contract for that amount.
On May 25, 2011, Lockheed Martin bought the first Quantum Computing System from D-Wave Systems.
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.
On August 2, 2012, the Vice President for Business Development, George Standridge stated that his company has offered 6 more C-130J aircraft to the Indian Air Force, for which discussions are underway with the Indian Government.
On July 3, 2013, Lockheed Martin announced that it was partnering with DreamHammer to use the company's software for integrated command and control of its unmanned aerial vehicles.
In September 2013, Lockheed Martin acquired the Scotland-based tech firm, Amor Group, saying the deal would aid its plans to expand internationally and into non-defense markets.
On November 14, 2013, Lockheed announced they would be closing their Akron, Ohio facility laying off 500 employees and transferring other employees to other locations.
Also in March 2014, Lockheed Martin announced its acquisition of Industrial Defender Inc.
On March 31, 2015, the US Navy awarded Lockheed Martin a contract worth $362 million for construction of Freedom-class ship LCS 21 and $79 million for advanced procurement for LCS 23.
In November 2015, the acquisition received final approval from the Chinese government, with a total cost of $9 billion.
In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin.
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 United States companies, including Lockheed Martin. (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.
On November 29, 2018, Lockheed Martin was awarded a Commercial Lunar Payload Services contract by NASA, which makes it eligible to bid on delivering science and technology payloads to the Moon for NASA, worth $2.6 billion.
On September 23, 2019, Lockheed Martin and NASA signed a $4.6–billion contract to build six or more Orion capsules for NASA's Artemis program to send astronauts to the Moon.
In January 2020, the Pentagon found at least 800 software defects in Lockheed Martin's F-35 fighter jets owned by the US Armed Forces during an annual review.
The project is expected to be completed by December 2020.
On December 20, 2020, it was announced that Lockheed Martin would acquire Aerojet Rocketdyne Holdings for $4.4 billion.
Space, with approximately $11.8 billion in 2021 sales which includes development of commercial and government satellites, strategic missiles, mission solutions and the deep space exploration lines of business.
Ranked 49th on the 2021 Fortune 500 list of largest industrial corporations
The acquisition was expected to close in first quarter of 2022, however Lockheed abandoned the deal in February 2022 following regulatory disapproval.
"Lockheed Martin Corporation ." International Directory of Company Histories. . Encyclopedia.com. (June 21, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/lockheed-martin-corporation-0
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| Company Name | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| Northrop Grumman | 1939 | $36.6B | 97,000 | 4,091 |
| Booz Allen Hamilton | 1914 | $8.4B | 29,200 | 2,561 |
| Boeing | 1916 | $66.6B | 141,582 | 6,075 |
| United Space Alliance | 1995 | $2.0B | 2,500 | - |
| Raytheon Technologies | 1922 | $29.2B | 67,000 | 5,856 |
| Savi Technology | 1989 | $25.0M | 200 | 8 |
| Computer Science Corporation | 1959 | $7.6B | 66,000 | - |
| IBM | 1911 | $60.5B | 270,000 | 315 |
| Intel | 1968 | $63.1B | 121,100 | 8,748 |
| Collins Aerospace | 2018 | $2.4B | 50,000 | - |
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