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BUSINESS
October 16, 1999 | Bloomberg News
* Lockheed Martin Corp. said it named Robert Elrod president of its Skunk Works division, replacing Jack Gordon, who is retiring. Elrod, executive vice president at Lockheed Martin Tactical Aircraft Systems in Fort Worth, Texas, will start his new job at the Palmdale-based unit on Nov. 1. Gordon has been Skunk Works president since 1993.
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BUSINESS
October 6, 2011 | By W.J. Hennigan, Los Angeles Times
The Marine Corps will deploy its first-ever cargo-lifting drone into a war zone when it sends the K-Max helicopter to Afghanistan next month. The heavy-lift drone chopper, made by Lockheed Martin Corp. and Kaman Aerospace Corp., recently wrapped up a five-day evaluation study in Arizona to prove its cargo-carrying capability in conditions similar to those it would be expected to encounter in Afghanistan. K-Max exceeded the Navy and Marines' requirement to deliver 6,000 pounds of cargo a day. "K-Max has the capability to quickly deliver cargo, thus getting troops off the roads and allowing them to focus on other missions," said Navy Rear Adm. Bill Shannon, division executive officer for unmanned aviation and strike weapons.
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BUSINESS
January 5, 2001
* Lockheed Martin Corp. said it will eliminate about 675 jobs from its airplane assembly plant in Marietta, Ga., to save $25 million a year. The plant assembles F-22 fighters and C-130J military cargo planes and employs about 7,000. * * Starbucks Corp. said sales at company-operated stores open at least a year increased 8% for the five weeks ended Dec. 31 from the year-earlier period. Consolidated net revenue was up 24% at $281 million.
BUSINESS
October 22, 2008 | Times Wire Reports
Lockheed Martin Corp., the world's largest defense company, said third-quarter earnings increased 2.1% as a gain from the sale of a Russian rocket-launching venture helped make up for lower sales of jets and satellites. The shares fell the most in six years after Lockheed predicted 2009 profit that trailed analysts' estimates. Quarterly net income climbed to $782 million, or $1.92 a share, from $766 million, or $1.80, a year earlier. Sales fell 4.7% to $10.6 billion, the Bethesda, Md.-based company said.
BUSINESS
September 6, 2000
* Lockheed Martin Corp. has received permission from the Justice Department to sell its flight controls unit for $510 million to Britain's BAE Systems, Europe's largest defense contractor. The Lockheed unit, which is based in Johnson City, N.Y., and Fort Wayne, Ind., makes engine and fly-by-wire controls and other aircraft parts. Lockheed Martin is shedding assets and reorganizing after profit warnings last year cut its share price by almost half. Lockheed shares fell 19 cents to close at $28.
NEWS
May 21, 2000 | From Times Wire Reports
Lockheed Martin Corp. will pay the U.S. government $5 million to settle claims that two subsidiaries overcharged the Navy for anti-submarine devices. The government paid between $1.8 million and $3.8 million too much for products from Nashua, N.H.-based Sanders, a Lockheed Martin company, and Georgia-based Lockheed Martin Aeronautics Co.-Marietta, said U.S. Atty. Paul Gagnon. Sanders spokesman John Measell said the investigation centered on work performed for the Navy from 1989 to 1993.
BUSINESS
February 15, 2001 | Reuters
Lockheed Martin Corp. has targeted about $2.8 billion in costs to be cut over the next three years and is weighing its options in the flagging satellite market as the nation's largest defense contractor tries to nurse its operations back to financial health. The maker of jet fighters and missile systems said it aims to trim manufacturing and administrative costs, but not cut jobs.
BUSINESS
September 11, 1999 | Bloomberg News
Lockheed Martin Corp. will forfeit $42 million of $46.3 million in bonus fees set aside for the Titan IV-B missile program because it was responsible for an April 30 launch failure, the Air Force said. The failure resulted in the loss of an $800-million military communications satellite when Lockheed Martin didn't find and correct a software programming mistake made in early February by a software engineer for its Denver-based Astronautics division, the Air Force said.
BUSINESS
September 20, 2008 | From the Associated Press
Lockheed Martin Corp. and the Air Force on Friday took the unusual step of publicly defending a $300-billion fighter jet program from recent criticisms of the plane's capabilities, including reports that it performed poorly in a simulated fight with a Russian aircraft. The Air Force and Bethesda, Md.
BUSINESS
March 29, 2008 | From Times Wire Services
Lockheed Martin Corp. beat out Boeing Co. to win a $766.2-million Pentagon contract to design and build a radio system connecting aircraft, ships and ground stations military-wide. The deal, announced Friday, could lead to the installation of tens of thousands of radios and ultimately be worth billions to the company.
BUSINESS
January 26, 2008 | From Times Staff and Wire Reports
Lockheed Martin Corp. and Boeing Co., the top two U.S. defense contractors, formed a team to explore whether to submit a bid to design and build a new long-range bomber for the Air Force. The Air Force aims to develop the "Next Generation Bomber" by 2018, Boeing and Lockheed said.
BUSINESS
January 26, 2007 | Peter Pae, Times Staff Writer
With little letup in Pentagon spending, the nation's two largest defense contractors reported sharply higher fourth-quarter earnings and raised their profit outlooks for the year. Century City-based Northrop Grumman Corp., the nation's second-largest weapons developer, said Thursday that quarterly net income rose 37%. The results were fueled by a late-year flurry of contracts for military electronic equipment and federal information technology services. Earnings climbed to $453 million, or $1.
BUSINESS
November 22, 2006 | From Bloomberg News
Lockheed Martin Corp. is protesting an Air Force contract worth as much as $15 billion to buy search-and-rescue helicopters from Boeing Co. "We believe the criteria used to evaluate were not applied uniformly," Lockheed spokesman Greg Caires said. A review by the Government Accountability Office "is essential for us to more fully understand the reasons the decision was made."
BUSINESS
September 16, 2006 | Peter Pae, Times Staff Writer
Northrop Grumman Corp. said Friday that it would not appeal NASA's surprising decision to award a multibillion-dollar contract to rival Lockheed Martin Corp. to build an Apollo-like capsule that would return humans to the moon. Last month, Northrop and teammate Boeing Co. lost the contract, potentially worth $8.1 billion over a dozen years, despite having played a key role in the development of the Apollo program in the 1960s. "We don't plan to protest," Northrop spokesman Brooks McKinney said.
BUSINESS
August 23, 2006 | From Bloomberg News
Lockheed Martin Corp.'s political action committee agreed to pay a $27,000 penalty because its former assistant treasurer filed false reports to cover up his embezzlement, the Federal Election Commission said. The Lockheed Martin Employees' Political Action Committee filed false reports detailing its contributions and expenditures based on information submitted by the committee's assistant treasurer at the time, Kenneth Phelps, according to the agreement. He was fired in 2004, Lockheed said.
BUSINESS
August 15, 2006 | From Bloomberg News
Lockheed Martin Corp., the biggest U.S. defense contractor, filed a protest with the Government Accountability Office over the Army's decision to eliminate the company's C-130J transport from a competition for a new cargo plane. Bethesda, Md.-based Lockheed's C-130J did not meet some initial technical requirements of the Army and the Air Force's Joint Cargo Aircraft program, according to a July 28 letter to the company from the Army. The accountability office will issue its decision by Nov.
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