Lockheed Martin Corp. / LMT

About Lockheed Martin Corp.

6801 Rockledge Dr., Bethesda, Md. 20817
www.lockheedmartin.com | 301-897-6000 | Founded: 1995

Industry: Aerospace And Defense | Category: Top 100 Companies

Lockheed Martin continued to look for ways to increase its $37.21 billion in revenue last year, including expanding into the government information technology market.
While it is by far the largest Pentagon contractor, the company has been making efforts to pick up business with other federal agencies. Last year, Lockheed announced a deal to buy Aspen Systems Corp., which designs and maintains Web sites and computer networks for the Justice Department and the Department of Health and Human Services. It also touted a $212 million contract to upgrade the New York Metropolitan Transportation Authority's electronic security and surveillance system and another to maintain the electronic records of the National Archives.
There was a shake-up on Lockheed Martin's board last year as it shed two veteran players: Norman R. Augustine and Vance D. Coffman, both former chief executives of the company. Their resignations coincided with chief executive Robert J. Stevens being named chairman. The company added James Schneider, chief financial officer of Dell Inc., and retired Adm. James M. Loy, former administrator of the Transportation Security Agency, to the board.
The company also came closer to settling a long-running dispute with rival Boeing Co.
Lockheed had accused Boeing of using stolen documents to win a rocket-launch contract. Last year, Lockheed agreed to drop the lawsuit if the two companies merged their rocket-launch businesses into a joint venture. The deal has been delayed as the companies await federal approval.
Several of Lockheed's programs also fell under scrutiny last year. The Government Accountability Office called the original plan for the company's F-35 Joint Strike Fighter, potentially worth more than $200 billion, "unexecutable." The Army canceled the company's contract for a spy plane program, known as the Aerial Common Sensor, after discovering that the plane Lockheed planned to put the sensors on was too small for the job. And after receiving pressure from Congress, the Air Force decided to rewrite the contract for the company's C-130J program, forcing Lockheed to provide more information about the profit it is making.
The Equal Employment Opportunity Commission also sued Lockheed last year, accusing the contractor of ignoring a black employee's complaints of racial harassment and retaliating after he complained. The company declined to comment on the lawsuit but has said it has strong anti-discrimination policies.

Chairman and president: Robert J. Stevens

Chairman and president: Robert J. Stevens

2007 Financial Data

Total employees: 135,000 | Local employees: 15,700