|Legal Name:||Lockheed Martin Corporation|
|Headquarters Regions:||Bethesda, Maryland, United States|
|Founders:||Glenn L. Martin|
|Number of Employees:||120000+|
|Area served:||United States of America and world|
|Products of Company:||aerospace, arms, defense, security, and advanced technologies company|
|Net Worth in 2023:||$50 Billion|
The choice of business people choose to venture in varies a lot. There is however a tendency of people preferring to work in familiar industries and this is the reason why, some business fields are congested more than others. At the same time, there are people who choose to venture into a particular business industry simply because he has friends or relatives who are doing well in that particular industry.
The best thing however is what Martin Marietta decided to do. He chose a field of his interest and passion and although it was a great risk, he had no problem taking the risk. As a result, a great company known as Lockheed Martin Corporation was born.
For those who have no clue of what Lockheed Martin Corporation is, here is everything you need to know. This is an American aerospace, defense, security, arms and advanced technologies company that has attracted worldwide interest. This company was formed by the merger of Martin Marietta and Lockheed Corporation in March 1995.
The company’s headquarter is in North Bethesda, Maryland, Washington D.C in the United States of America. This is also known as one of the largest companies in military support, aerospace and technologies industry. Based on 2014 fiscal year, Lockheed Martin has been rated as the world’s largest defense contractor. In 2013, 78% of their revenues came from military sales. It was also the No. 1 US federal government contractors and they also managed to get almost 10% of the funds from Pentagon.
Well, how well do you know about Lockheed Martin? If not much, we have compiled all you need to know about Lockheed Martin’s net worth in 2023, wiki and complete details. Well, if you’re all set, here is what we know about Lockheed Martin to date.
Talks between Martin Marietta and Lockheed Corporation began in 1994 March and they announced their $10 billion planned merger on 30th August 1994. They had an agreement to place the headquarters at Martin Marietta’s headquarters in North Bethesda, Maryland. They finalized the deal on 15th March in 1995 after the shareholders of the two companies approved the merger.
The segments of these companies were not retained by the new company but they formed the foundation for the L-3 Communications which is a mid-size defense contractor in its right. The company later also spun off the Martin Marietta Materials company. After the merger, the company’s executives were given large bonuses.
At the time, Norman R. Augustine was the CEO of Martin Marietta and he received a bonus of $8.2 million. Both companies contributed significant products to the new portfolio. Lockheed products initially included P-3 Orion maritime patrol aircraft, Trident missile, F-117 Nighthawk, SR-71 reconnaissance airplanes, F-16 Fighting Falcon, C-130 Hercules, F-22 Raptor,DSCS-3 satellite and A-4AR Fightinghawk.
On the other hand, Martin Marietta products included; Sandia National Laboratories (management contract acquired in 1993), Titan rockets, Viking 2 landers and Space Shuttle External Tank. They also owned Transfer Orbit Stage which they owned under subcontract to Orbital Sciences Corporation and many other satellite models.
On 22nd April 1996, the company acquired Loral Corporation’s defense electronics & system integration business at a whopping $9.1 billion. The deal was officially announced in January. The remaining part of Loral Corporations became Loral Space & Communications. In May 2001 BAE Systems bought Lockheed Martin Control Systems. On 27th November 2000, BAE Systems completed the acquisition of Aerospace Electronic System business from Lockheed $6.7 billion and they announced the deal in July 2000.
This group contained of Fairchild Systems, Sanders Associates as well as Lockheed Martin Space Electronics and Communications. Lockheed won the contract of building the F-35 Lightning II which became the largest fighter acquisition project since the F-16 with 3,000 aircraft initial order. They managed to settle a nine-year investigation in 2001 that was conducted by NASA’s Office of Inspector General.
The Defense Contract Audit Agency helped them in the investigation. After US government alleged that Lockheed’s predecessor Lockheed Engineering Science Corporation had given NASA false lease costs claims, they were forced to pay $7.1 million to the government.
There was always progress for the company. Although they suffered from different challenges as a company, they were also able to grow in a very high rate. NASA seems to be their main client offering them different contracts worth billions of U.S. dollars. On 31st of August in 2006, they managed to win a $3.9 billion contract that NASA had advertised as they needed a company that would design and build CEV capsule. Later, they named it Orion for the Ares I.
In 2009, NASA were forced to reduce the crew requirements of the capsule for transport to what is known as International Space Station from the initial 6 to four. Finally, on 13th August 2008, the Lockheed Martin Company was able to acquire Nantero, Inc. government business unit. This was a great achievement for the company.
The aerospace industry is not one that is very competitive. Therefore, there has not been many awards and nominations associated with this industry. This however doesn’t mean that Lockheed Martin hasn’t received any accolades. Some of the accolades it has received include; “The Lockheed Martin Fincastle Maintenance Trophy” and 6 Collier Trophies among others.
Net Worth & Earnings of Lockheed Martin in 2023
As of 2023, Lockheed Martin is a successful company and as now, it has an operating system of over $8.37 billion, Net Income of over $6.23 billion, $50 billion total assets, Total Equity of $3.17 billion and its revenue is at $59.81 billion.
Apart from military products, Lockheed Martin also invest in renewable energy systems, healthcare systems, compact nuclear fusion and intelligent energy distribution among others.