History of Lockheed Martin in Timeline
Lockheed Martin is a prominent American defense and aerospace company. It was created in 1995 through the merger of Lockheed Corporation and Martin Marietta. Headquartered in North Bethesda, Maryland, the company is a major player in the defense industry.
1984: Bruce McCandless II Performs First Free-Flying Spacewalk
In 1984, former Lockheed Martin employee Bruce McCandless II performed the first free-flying spacewalk without a lifeline to the orbiting shuttle, using a jetpack built by the company.
1993: Martin Marietta Acquires Sandia National Laboratories Management Contract
In 1993, Martin Marietta acquired the management contract for Sandia National Laboratories, adding to its portfolio of products and services.
March 1994: Merger Talks Begin
In March 1994, merger talks began between Lockheed Corporation and Martin Marietta, eventually leading to the formation of Lockheed Martin.
August 30, 1994: Announcement of Lockheed and Martin Marietta Merger Plans
On August 30, 1994, Lockheed Corporation and Martin Marietta announced their plans for a $10 billion merger, with the headquarters of the combined company to be located at Martin Marietta's headquarters in North Bethesda, Maryland.
March 15, 1995: Lockheed Corporation Merger with Martin Marietta
On March 15, 1995, the Lockheed Martin Corporation was formed through the merger of Lockheed Corporation and Martin Marietta, creating a major defense and aerospace manufacturer.
1995: Lockheed Martin Has Agreed to Pay $676.8 Million Since 1995
Since 1995, Lockheed Martin has agreed to pay $676.8 million to settle 88 instances of misconduct.
April 22, 1996: Lockheed Martin Acquires Loral Corporation's Defense Businesses
On April 22, 1996, Lockheed Martin finalized the acquisition of Loral Corporation's defense electronics and system integration businesses for $9.1 billion, expanding Lockheed Martin's capabilities.
July 16, 1998: Lockheed Martin Abandons Merger with Northrop Grumman
On July 16, 1998, Lockheed Martin abandoned its planned $8.3 billion merger with Northrop Grumman due to concerns from the government about the potential market dominance of the combined entity.
1998: TMI Cost Inflation Begins
In 1998, Tools & Metals Inc (TMI) began inflating costs, a practice that continued until 2005 and led to legal action against Lockheed Martin.
July 2000: Lockheed Martin Announces Sale of Aerospace Electronic Systems Business to BAE Systems
In July 2000, Lockheed Martin announced the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, which was completed later on November 27, 2000.
November 27, 2000: Lockheed Martin Sells Aerospace Electronic Systems Business to BAE Systems
On November 27, 2000, Lockheed Martin completed the sale of its Aerospace Electronic Systems business to BAE Systems for $1.67 billion, as announced in July 2000. The business included Sanders Associates, Fairchild Systems, and Lockheed Martin Space Electronics & Communications.
May 2001: Lockheed Martin Sells Lockheed Martin Control Systems to BAE Systems
In May 2001, Lockheed Martin sold Lockheed Martin Control Systems to BAE Systems, further restructuring its business divisions.
July 8, 2003: Mass Shooting at Lockheed Martin Plant in Meridian, Mississippi
On July 8, 2003, a racially motivated mass shooting occurred at a Lockheed Martin plant in Meridian, Mississippi, where an assembly line worker murdered six co-workers and wounded eight before killing himself, leading to investigations into the company's awareness of the worker's behavior.
2004: Robert Stevens Takes Control of Lockheed Martin
In 2004, Robert Stevens took control of Lockheed Martin and faced the challenge of a large portion of the company's workforce nearing retirement within the next 10 years.
2005: TMI Cost Inflation Ends
In 2005, Tools & Metals Inc (TMI) ceased inflating costs, ending a practice that began in 1998 and later led to legal action against Lockheed Martin.
March 2006: Former TMI President Sentenced for Cost Inflation
In March 2006, Todd B. Loftis, a former president of TMI (Tools & Metals Inc), was sentenced to 87 months in prison and ordered to pay a $20 million fine following his guilty plea related to cost inflation.
May 12, 2006: The Washington Post Reports on Impending Employee Retirements
On May 12, 2006, The Washington Post reported that Lockheed Martin was facing a major challenge as a significant portion of its workforce was nearing retirement, potentially impacting the company's future.
August 31, 2006: Lockheed Martin Wins NASA Contract for CEV Capsule
On August 31, 2006, Lockheed Martin secured a $3.9 billion contract from NASA to design and build the CEV capsule, later named Orion, for the Ares I rocket in the Constellation Program.
August 2007: Lockheed Martin Acquires 3Dsolve
In August 2007, Lockheed Martin acquired 3Dsolve, a company specializing in simulations and training modules for military and corporate clients, later renamed Lockheed Martin 3D Learning Systems.
August 13, 2008: Lockheed Martin Acquires Government Business Unit of Nantero, Inc.
On August 13, 2008, Lockheed Martin acquired the government business unit of Nantero, Inc., a company specializing in carbon nanotube technology for next-generation electronic devices.
2009: Lockheed Martin Buys Unitech
In 2009, Lockheed Martin bought Unitech, expanding its portfolio of businesses and capabilities.
2009: Lockheed Martin's Lobbying Expenditure in 2009
Lockheed Martin's 2009 lobbying expenditure is $13.7 million.
November 18, 2010: Lockheed Martin Announces Closure of Eagan, Minnesota Location
On November 18, 2010, Lockheed Martin announced its decision to close its Eagan, Minnesota location by 2013 as part of a cost-reduction and capacity optimization effort.
January 2011: Lockheed Martin Largest Contributor to Buck McKeon
As of January 2011, Lockheed Martin was the largest contributor to the House Armed Services Committee chairman, Republican Buck McKeon of California with over $50,000 donated in the election cycle.
January 2011: Lockheed Martin Settles False Claims Allegations
In January 2011, Lockheed Martin agreed to pay the U.S. Government $2 million to settle allegations of submitting false claims on a U.S. government contract with the Naval Oceanographic Office Major Shared Resource Center in Mississippi.
May 25, 2011: Lockheed Martin Buys Quantum Computing System from D-Wave Systems
On May 25, 2011, Lockheed Martin purchased the first Quantum Computing System from D-Wave Systems to collaborate on applying quantum annealing processor technology to complex computational challenges.
May 28, 2011: Reported Cyberattack on Lockheed Martin
On May 28, 2011, it was reported that Lockheed Martin experienced a cyberattack that breached sensitive materials, potentially using stolen EMC files.
June 1, 2011: New US Military Strategy Defines Cyberattack as Act of War
On June 1, 2011, the new United States military strategy explicitly defined a cyberattack as a casus belli for a traditional act of war, although it's unclear if the Lockheed Martin incident was the direct prompt.
March 3, 2012: Lockheed Martin Settles Overpricing Allegations
On March 3, 2012, the U.S. Department of Justice announced that Lockheed Martin had agreed to settle allegations of selling overpriced perishable tools used on many contracts, specifically involving its subsidiary Tools & Metals Inc.'s inflation of costs between 1998 and 2005.
July 10, 2012: Lockheed Martin Announces Workforce Reductions
On July 10, 2012, Lockheed Martin announced it would be cutting its workforce by 740 workers in an effort to reduce costs and maintain competitiveness for future growth.
November 27, 2012: Marillyn Hewson Appointed CEO of Lockheed Martin
On November 27, 2012, Lockheed Martin announced that Marillyn Hewson would become the corporation's chief executive officer, effective January 1, 2013.
2012: Lockheed Martin Top Donor to Sen. Daniel Inouye Before His Death
In 2012, Lockheed Martin was the top donor to Sen. Daniel Inouye (D-HI), the chair of the Senate Appropriations Committee before his death.
January 1, 2013: Marillyn Hewson Becomes CEO
On January 1, 2013, Marillyn Hewson officially assumed the role of chief executive officer of Lockheed Martin.
January 7, 2013: Lockheed Martin Canada Acquires Engine Maintenance Assets from Aveos Fleet Performance
On January 7, 2013, Lockheed Martin Canada announced the acquisition of engine maintenance, repair, and overhaul assets from Aveos Fleet Performance in Montreal, Quebec, Canada.
February 20, 2013: Lockheed Martin Settles Securities Fraud Lawsuit
On February 20, 2013, Lockheed Martin Corp complied with the United States District Court for the Southern District of New York, agreeing to pay $19.5 million to conclude a securities fraud class-action legal battle accusing the company of deceiving shareholders about its information technology division.
July 3, 2013: Lockheed Martin Partners with DreamHammer
On July 3, 2013, Lockheed Martin announced a partnership with DreamHammer to integrate the company's software for command and control of its unmanned aerial vehicles.
September 2013: Lockheed Martin Acquires Amor Group
In September 2013, Lockheed Martin acquired Amor Group, a tech firm based in Scotland, to support its international expansion and entry into non-defense markets.
October 2013: Lockheed Martin Expects to Finalize $2.2 Billion Contract for Military Communication Satellites
In October 2013, Lockheed Martin announced that it expected to finalize a $2.2 billion contract with the United States Air Force for two advanced military communications satellites.
November 14, 2013: Lockheed Martin Closes Akron, Ohio Facility
On November 14, 2013, Lockheed Martin announced the closure of its Akron, Ohio facility, resulting in 500 employee layoffs and the transfer of other employees to different locations.
2013: Closure of Eagan, Minnesota Location
In 2013, Lockheed Martin closed its Eagan, Minnesota, location as part of a cost-reduction and capacity optimization effort announced in November 2010.
2013: Lt. Gen. Christopher Bogdan Criticizes Lockheed Martin's F-35 Fighter Program
In 2013, Lt. Gen. Christopher Bogdan criticized Lockheed Martin's F-35 fighter program. The general expressed concerns about cost reductions and risk-sharing.
March 2014: Lockheed Martin Acquires Beontra AG and Industrial Defender Inc.
In March 2014, Lockheed Martin acquired Beontra AG, a provider of integrated planning and demand forecasting tools for airports, and Industrial Defender Inc., expanding its business in commercial airport information technology solutions and industrial control system security.
June 2, 2014: Lockheed Martin Receives Pentagon Contract for Space Fence
On June 2, 2014, Lockheed Martin was awarded a Pentagon contract to build a space fence designed to track debris and prevent damage to satellites and spacecraft.
December 20, 2014: Lockheed Martin Integrated Systems Settles False Claims Act Lawsuit
On December 20, 2014, Lockheed Martin Integrated Systems settled a False Claims Act lawsuit for $27.5 million, finalizing allegations of knowingly overbilling taxpayers for work performed by unqualified staff.
March 31, 2015: Lockheed Martin Awarded US Navy Contract for Freedom-Class Ships
On March 31, 2015, the US Navy awarded Lockheed Martin a $362 million contract for the construction of Freedom-class ship LCS 21 and $79 million for advance procurement for LCS 23, which are built by Fincantieri Marinette Marine.
July 20, 2015: Lockheed Martin Announces Plans to Purchase Sikorsky Aircraft
On July 20, 2015, Lockheed Martin announced its intention to acquire Sikorsky Aircraft from United Technologies Corporation for $7.1 billion, a move that faced scrutiny from the Pentagon over potential competition reduction.
November 2015: Acquisition of Sikorsky Aircraft Receives Final Approval
In November 2015, the acquisition of Sikorsky Aircraft by Lockheed Martin received final approval from the Chinese government, with the total cost of the acquisition amounting to $9 billion.
December 2015: Lockheed Martin Wins Contract to Train Australian Military Pilots
In December 2015, Lockheed Martin secured an $867 million seven-year contract to train Australia's next generation of military pilots, with a potential extension across 26 years.
2015: Lockheed Martin Settles Lobbying Charges for $4.7 Million
In 2015, Lockheed Martin agreed to pay $4.7 million to settle charges that it illegally used taxpayer money to lobby the federal government to block competitors, including by funneling funds through its subsidiary, Sandia Corporation.
August 2016: Canadian Forces Maritime Tests Lockheed Martin's Integrated Submarine Combat System
In August 2016, Canadian Forces Maritime tested an integrated submarine combat system developed by Lockheed Martin, marking Canada's first use of the system with the MK 48 heavyweight torpedo, variant 7AT.
May 2017: Saudi Arabia signs business deals with U.S. companies including Lockheed Martin
In May 2017, during President Donald Trump's visit to Saudi Arabia, Saudi Arabia signed business deals worth tens of billions of dollars with U.S. companies, including Lockheed Martin, according to the 2017 United States–Saudi Arabia arms deal.
April 2018: Lockheed Martin Receives $928 Million Air Force Contract for Hypersonic Weapons
In April 2018, Lockheed Martin secured its first contract from the Air Force for $928 million related to hypersonic weapons development.
August 13, 2018: Lockheed Martin Secures $480 Million Air Force Contract for Hypersonic Weapon Prototype
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. A hypersonic missile can travel at one mile a second.
November 29, 2018: Lockheed Martin Awarded NASA Commercial Lunar Payload Services Contract
On November 29, 2018, NASA awarded Lockheed Martin a Commercial Lunar Payload Services contract, making it eligible to bid on delivering science and technology payloads to the Moon for NASA, worth $2.6 billion. Lockheed Martin plans to formally propose a lander called McCandless Lunar Lander.
2018: Lockheed Martin's Financial Performance in 2018
In 2018, Lockheed Martin's backlog was $130.5 billion at the end of the year. Lockheed Martin ranked No. 59 in the 2018 Fortune 500 list.
2018: Review Reveals Large Number of Defects in F-35 Fighter Jets
The 2018 review revealed a large number of defects in Lockheed Martin's F-35 fighter jets.
April 11, 2019: Successful Launch of Arabsat-6A Satellite by Lockheed Martin
On April 11, 2019, the Arabsat-6A satellite, one of the "most advanced commercial communications satellites ever built by" Lockheed Martin, was successfully launched.
September 23, 2019: Lockheed Martin and NASA Sign $4.6 Billion Contract for Orion Capsules
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.
2019: Lockheed Martin's Financial Performance in 2019
In 2019, Lockheed Martin's backlog was $144.0 billion at the end of the year, up from $130.5 billion at the end of 2018. Firm orders were $94.5 billion at the end of 2019. Its market capitalization was valued at US$109.83 billion at the end of 2019.
2019: Review Reveals Large Number of Defects in F-35 Fighter Jets
The 2019 review revealed a large number of defects in Lockheed Martin's F-35 fighter jets.
January 2020: Lockheed Martin Awarded $138 Million AEGIS Combat System Contract
In January 2020, the Naval Sea Systems Command awarded Lockheed Martin with a $138 million contract related to the AEGIS Combat System Engineering Agent (CSEA).
January 2020: Pentagon Finds 800 Software Defects in Lockheed Martin's F-35 Fighter Jets
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.
February 2020: Lockheed Martin Acquires Vector Launch Inc's GalacticSky Satellite Software
In February 2020, Lockheed Martin acquired Vector Launch Inc's satellite software technology GalacticSky for $4.25 million after a bankruptcy court received no bids by the February 21 deadline.
March 16, 2020: James D. Taiclet to Replace Marillyn Hewson as CEO
On March 16, 2020, Lockheed Martin announced that James D. Taiclet would replace Marillyn Hewson as CEO, effective June 15.
July 2020: Chinese Government Sanctions Lockheed Martin for Arms Sales to Taiwan
In July 2020, Lockheed Martin was sanctioned by the Chinese government due to arm sales to Taiwan.
October 2020: Chinese Government Sanctions Lockheed Martin for Arms Sales to Taiwan
In October 2020, Lockheed Martin was sanctioned by the Chinese government due to arm sales to Taiwan.
December 2020: Projected Completion of AEGIS Advanced Capability Build Project
The project to develop, integrate, test, and deliver the AEGIS Advanced Capability Build (ACB) 20 integrated combat system is expected to be completed by December 2020.
December 20, 2020: Lockheed Martin to Acquire Aerojet Rocketdyne Holdings for $4.4 Billion
On December 20, 2020, it was announced that Lockheed Martin would acquire Aerojet Rocketdyne Holdings for $4.4 billion.
2020: Lockheed Martin's Board of Directors Consists of 14 Members
As of 2020, Lockheed Martin's board of directors consists of 14 members.
2020: Lockheed Martin Reports $6.833 Billion in Earnings
For the fiscal year 2020, Lockheed Martin reported earnings of $6.833 billion and an annual revenue of $65.398 billion.
January 2021: Taiclet Becomes Chairman of Lockheed Martin
In January 2021, James Taiclet became chairman of Lockheed Martin.
February 13, 2022: Lockheed Martin Abandons Aerojet Rocketdyne Acquisition Deal
On February 13, 2022, Lockheed Martin abandoned the deal to acquire Aerojet Rocketdyne Holdings following regulatory disapproval.
2022: Lockheed Martin Reports Sharp Increase in Sales and Profits Due to Russo-Ukrainian War
In 2022, due to the Russo-Ukrainian war, major arms manufacturers, including Lockheed Martin, reported a sharp increase in interim sales and profits.
2022: Lockheed Martin's Lobbying Expenditure in 2022
Lockheed Martin's 2022 lobbying expenditure is $13.6 million.
February 2023: Chinese Government Sanctions Lockheed Martin for Arms Sales to Taiwan
In February 2023, Lockheed Martin was sanctioned by the Chinese government due to arm sales to Taiwan.
May 2023: Lockheed Martin Forms Microelectronics Subsidiary ForwardEdge ASIC
In May 2023, Lockheed Martin formed a new microelectronics subsidiary ForwardEdge ASIC to design custom application-specific integrated circuits for its customers.
November 2023: Direct Action Taken Against Arms Companies Including Lockheed Martin
In November 2023, attempts at Direct action were taken against arms companies in the US and the UK, including Lockheed Martin, that supplied weapons to Israel during the Gaza war.
December 2023: Institutional Investors Hold Majority of Lockheed Martin Shares
As of December 2023, Lockheed Martin shares are mainly held by institutional investors (State Street Corporation, Vanguard group, BlackRock, Capital Group Companies, and others).
March 2024: Lockheed Martin Submits Bid to Acquire Terran Orbital
In March 2024, Lockheed Martin submitted a bid to acquire Terran Orbital.
June 28, 2024: U.S. Army Awards Lockheed Martin $4.5 Billion Contract for PAC-3 Missiles
On June 28, 2024, the U.S. Army awarded Lockheed Martin a $4.5 billion contract to supply Patriot Advanced Capability-3 (PAC-3) missiles. The contract included 870 PAC-3 MSE missiles and related hardware.
October 9, 2024: Chauncey McIntosh Appointed VP and GM of F-35 Lightning II Program
On October 9, 2024, Lockheed Martin announced the appointment of Chauncey McIntosh as vice president and general manager of the F-35 Lightning II Program, effective December 1, 2024. He succeeded Bridget Lauderdale.
December 1, 2024: Chauncey McIntosh Begins Role as VP and GM of F-35 Lightning II Program
Effective December 1, 2024, Chauncey McIntosh officially began his role as vice president and general manager of the F-35 Lightning II Program at Lockheed Martin.
December 2024: Lockheed Martin Forms Astris AI Subsidiary
In December 2024, Lockheed Martin announced that it had formed a subsidiary, Astris AI, that would help U.S. defense companies to incorporate artificial intelligence into their operations.
2025: Lockheed Martin Funds White House East Wing Demolition and Ballroom Building
In 2025, Lockheed Martin was one of the donors who funded the White House's East Wing demolition, and planned building of a ballroom.
2025: Lockheed Martin Profits Drop 80% in Q2
Lockheed profits sharply dropped 80% in Q2 2025, owing to a highly classified U.S. government aerospace program CEO James Taiclet described as "magical". The loss from development of the described "game changing" classified aerospace program totaled $1.6 billion.
March 2026: Lawsuit Revived Against Lockheed Martin Over F-35 Program Labor Cost Data
In March 2026, a panel of the Fifth Circuit Court of Appeals revived a qui tam lawsuit in United States ex rel. Ferguson v. Lockheed Martin Corp. The case involves allegations that the company violated the Truth in Negotiations Act and the False Claims Act by providing inaccurate labor cost data during negotiations for the F-35 program.
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