Lockheed Martin Corp.

From the April 28, 1997 Washington Post

	'96 (in $ 000s)	% Change From '95
Revenue	26,875,000	17.6
Net Income	1,347,000	97.5
Rank Last Year: 2

Description:
Lockheed Martin Corp. specializes in a broad range of defense and aerospace activities, including designing and launching rockets for government and commercial customers; building satellites, missiles and jets; building electronic components for weapons systems and radar networks; integrating software on large government and commercial projects; cleaning up environmental trouble spots; and running Energy Department facilities.

Business Resume: Contact Info -- 6801 Rockledge Dr. Bethesda, Md. 20817 301-897-6000 Main Business -- Manufacturing--aerospace Founded -- 1995 Chairperson -- Norman R. Augustine (CEO) President -- Vance D. Coffman Employees -- 185,000 D.C.-Area Employees -- 13,700

Developments:
Lockheed Martin, the world's largest military contractor, lengthened its lead last year on the rest of the industry by acquiring Loral Corp.'s defense divisions for $9.3 billion. The acquisition strengthened the company's commanding position in numerous areas of defense electronics, including aircraft avionics, military communications, the electronic machinery in submarines and the like.

This means Lockheed Martin is the world's leading "vertically integrated" defense contractor. It is not only a top "prime contractor" that assembles large aerospace systems, such as F-16 jets and Titan IV rockets, but it also controls many of the subcontracting niches responsible for the electronic devices inside them. Even as Pentagon budgets come under continued pressure, spending is expected to hold steady on most of these electronics programs.

Last year the new Lockheed Martin—divided into five "sectors," each the size of most of its few remaining competitors—won almost every competition it entered to work for the Defense Department and the National Aeronautics and Space Administration. Among its many victories were winning bids to build a new early warning satellite and a 21st-century family of rockets. Most significant, though, was winning the first round of bidding to build the $200 billion Joint Strike Fighter. Now it will compete with Boeing Co. for the contract.

Earlier this month, Lockheed's charismatic chairman and chief executive, Norman R. Augustine, 61, announced he will retire in August as chief executive to teach at Princeton University. He will continue on as chairman.