Lockheed Martin

Lockheed Martin headquarters

Lockheed Martin Corporation is an American aerospace, defense, arms, security, and advanced technologies company with worldwide interests. It was formed by the merger of Lockheed Corporation and Martin Marietta in March 1995. Headquartered in North Bethesda, Maryland, in the Washington, D.C., area, Lockheed Martin is one of the largest companies in the aerospace, defense, security, and technologies industry. It is the world's largest defense contractor, based on revenue for fiscal year 2014. In 2013, 78% of Lockheed Martin's revenues came from military sales; it topped the list of US federal government contractors and received nearly 10% of the funds paid out by the Pentagon.

History

Lockheed Martin's history dates back to the early 20th century, to the founding of the Lockheed Corporation in 1926 and Martin Marietta in 1961. The Lockheed Corporation was founded by Allan Lockheed and Malcolm Loughead (who later changed his name to Lockheed). Lockheed was known for producing several successful fighter aircraft for the United States during World War II, including the P-38 Lightning and the P-51 Mustang. Martin Marietta was formed by the merger of the Glenn L. Martin Company and the American Marietta Corporation. The company was involved in chemicals, aerospace, and electronics.

The merger in 1995 was a strategic move that combined Lockheed's expertise in aerospace and defense with Martin Marietta's strength in chemicals, aerospace, and electronics. This merger created a powerhouse in the defense and aerospace industry, capable of producing a wide range of products and services for both military and civilian applications.

Products and Services

Lockheed Martin operates in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS), and Space Systems. The company is known for its high-profile projects, including the F-22 Raptor, F-35 Lightning II joint strike fighter, C-130 Hercules transport aircraft, Aegis Combat System, THAAD missile defense system, and the Mars Atmosphere and Volatile Evolution Mission (MAVEN) spacecraft, among others.

Aeronautics

This segment is responsible for military and civilian aircraft, including the world-renowned F-35 Lightning II, the most advanced fighter jet currently in operation. The F-22 Raptor, another advanced fighter aircraft, is known for its stealth capabilities and is a critical component of the US Air Force.

Missiles and Fire Control

The MFC segment provides air and missile defense systems, including the THAAD system designed to intercept and destroy short, medium, and intermediate-range ballistic missiles during their terminal phase of flight. It also manufactures precision strike weapons and advanced radar systems.

Rotary and Mission Systems

RMS includes maritime systems, such as the Aegis Combat System, which is a naval weapons system involving integrated missile guidance. It also covers helicopters, including the Sikorsky UH-60 Black Hawk, used by the US Army.

Space Systems

Lockheed Martin is a significant player in space exploration and satellite technology. It has been involved in various space missions, including the construction of the MAVEN spacecraft, which studies the Martian atmosphere to understand the planet's climate change.

Corporate Governance

Lockheed Martin's leadership includes a Board of Directors responsible for the overall management of the company. The CEO oversees the company's daily operations and strategic direction. Lockheed Martin emphasizes ethical conduct and compliance with laws and regulations governing the defense, aerospace, and technology industries.

Controversies and Challenges

Like many defense contractors, Lockheed Martin has faced scrutiny over its business practices, including allegations of lobbying for increased military spending and involvement in controversial military operations. The company has also encountered challenges related to the high costs and technical issues of some of its major projects, such as the F-35 Lightning II.

Conclusion

Lockheed Martin remains a pivotal player in the global defense, aerospace, and security sectors. Its contributions to military and civilian aerospace, advanced technologies, and national security continue to have a significant impact worldwide. Despite facing challenges and controversies, Lockheed Martin's innovations and products play a crucial role in shaping the future of global defense and space exploration.