Lockheed Martin Company History Timeline

(10,887 Jobs)
1995

Headquartered in Bethesda, Maryland, Lockheed Martin began a process of consolidation and reorganization even before the merger was completed in March 1995.

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.

But these sons of California stood out among the upstarts: brothers Allan and Malcolm Lockheed and Glenn L. Martin each became world-renowned aviation pioneers, leading lives and launching companies that took remarkably parallel paths on the way to becoming a joint force in 1995.

In 1995, these two companies formalized their history of shared experiences by creating the “merger of equals” that stands today as Lockheed Martin Corporation.

FORMATION OF LOCKHEED MARTIN: 1995

Lockheed Martin was formed in 1995 via the union of the nation’s second- and third-ranking defense contractors, Lockheed Corporation and Martin Marietta Corporation.

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.

Lockheed Martin was a member of the United Space Alliance, which had been handling launch operations for the space shuttle since 1995.

Formed in 1995 via the union of the nation’s second- and third-ranking defense contractors, Lockheed Corporation and Martin Marietta Corporation, Lockheed Martin Corporation is the world’s largest defense contractor.

Lockheed and Martin Marietta merged in 1995, a deal valued at $10 billion.

Formed in 1995 via the union of the nation's second- and third-ranking defense contractors, Lockheed Corporation and Martin Marietta Corporation, Lockheed Martin Corporation is the world's largest defense contractor.

1996

The January 1996 acquisition of Loral Corp.’s Defense Electronics and Systems Integration business made it clear that Lockheed Martin would not soon relinquish its number one status.

Lockheed Martin further broadened its lead over second ranking McDonnell Douglas with the January 1996 acquisition of Loral Corporation’s Defense Electronics and Systems Integration for $9.1 billion and $2.1 billion of assumed debt.

The January 1996 acquisition of Loral Corp.’s Defense Electronics and Systems Integration business made it clear that Lockheed Martin would not soon relinquish its number-one status.

Lockheed Martin further broadened its lead over second ranking McDonnell Douglas with the January 1996 acquisition of Loral Corporation's Defense Electronics and Systems Integration for $9.1 billion and $2.1 billion of assumed debt.

The January 1996 acquisition of Loral Corp.'s Defense Electronics and Systems Integration business made it clear that Lockheed Martin would not soon relinquish its number-one status.

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.

In 1996 the new company grew further with the acquisition of Loral Corporation’s defense electronics and systems (itself comprising nine separate aerospace and defense units of major American corporations such as IBM, Xerox, and Ford). Headquarters are in Bethesda, Maryland.

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.

The aircraft was named the F-22 Raptor and first flew in 1997.

1998

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.

1999

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.

2000

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.

2001

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’s candidate won the Joint Strike Fighter competition in 2001.

The company bought OAO Corporation in 2001.

In 2001, it was responsible for over three quarters of all Lockheed's net sales.

Technology Services was responsible for 12 percent of Lockheed's 2001 sales.

The Aeronautics segment made about $5.35 in net sales in 2001; sixty-five percent of those sales were to the United States government and 35 percent to foreign governments.

Systems Integration accounted for more of Lockheed's net sales than any other segment in 2001 with about $9 billion generated.

In comparison, foreign governments made $3.89 billion in purchases from Lockheed in 2001.

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.

The company was back on the road to profitability in 2001 when it won the Joint Strike Fighter contract from the Department of Defense (DoD). Valued at $200 billion, it was the largest defense contract ever awarded.

In late 2001, Israel purchased 52 F-161 fighter jets worth $1.3 billion.

In 2001 the company was involved in various joint ventures with foreign companies.

In 2001, Lockheed Martin won the contract to build the F-35 Lightning II; this was the largest fighter aircraft procurement project since the F-16, with an initial order of 3,000 aircraft.

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.

Other purchases included records management specialist Aspen Systems, Savi Technology, Pacific Architects and Engineers, and the United Kingdom’s HMT Vehicles Ltd. It bought Comsat Corp., the United States representative on international communications satellite networks, for $2.1 billion in 2001.

Lockheed Martin reported about $24 billion in net sales in 2001, down 2 percent from 2000. Its largest customer, the United States federal government, accounted for about 78 percent of Lockheed's sales in 2001, or about $18.6 billion.

2002

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.

2003

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.

2004

Lockheed Martin bought Sippican Holdings Inc., which supplied technology for naval warfare applications, in 2004.

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.

2005

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.

2006

Lockheed Martin had revenues approaching $40 billion in 2006.

2008

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.

2009

In 2009, Lockheed Martin bought Unitech.

2011

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.

2012

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.

2013

On January 7, 2013, Lockheed Martin Canada announced that it will be acquiring the engine maintenance, repair and overhaul assets from Aveos Fleet Performance in Montreal, Quebec, Canada.

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.

2014

In March 2014, Lockheed Martin acquired Beontra AG, a provider of integrated planning and demand forecasting tools for airport, planning to expand their business in commercial airport information technology solutions.

Also in March 2014, Lockheed Martin announced its acquisition of Industrial Defender Inc.

2015

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.

On July 20, 2015, Lockheed Martin announced plans to purchase Sikorsky Aircraft from United Technologies Corporation at a cost of $7.1 billion.

In November 2015, the acquisition received final approval from the Chinese government, with a total cost of $9 billion.

In December 2015, Lockheed won an $867 million seven-year contract to train Australia’s next generation of military pilots.

2016

In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin.

2017

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)

2018

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.

2019

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.

Aeronautics, with approximately $23.7 billion in 2019 sales which includes tactical aircraft, airlift, and aeronautical research and development lines of business.

Missiles and Fire Control, with approximately $10.1 billion in 2019 sales that includes the Terminal High Altitude Area Defense System and PAC-3 Missiles as some of its high-profile programs.

Rotary and Mission Systems, with approximately $15.1 billion in 2019 sales, which includes Sikorsky military and commercial helicopters, naval systems, platform integration, and simulation and training lines of business.

Space, with approximately $10.9 billion in 2019 sales which includes space launch, commercial satellites, government satellites, and strategic missiles lines of business.

Ranked 60th on the 2019 Fortune 500 list of largest industrial corporations

2020

In January 2020, the Pentagon found at least 800 software defects in the Lockheed Martin's F-35 fighter jets owned by the US Armed Forces during an annual review.

In February 2020, Lockheed Martin reportedly plans to acquire the Vector Launch Inc's satellite technology after a bankruptcy court received no bids by the February 21 deadline.

The project is expected to be completed by December 2020.

2021

"Lockheed Martin Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/lockheed-martin-corporation

"Lockheed Martin Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/lockheed-martin-corporation

"Lockheed Martin Corporation ." International Directory of Company Histories. . Encyclopedia.com. (April 16, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/lockheed-martin-corporation-0

"Lockheed Martin Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/lockheed-martin-corporation-0

Founded
1995
Company Founded
Headquarters
Bethesda, MD
Company Headquarter

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