corporation and martin marietta . lockheed martin type public company traded as nyse lmt s & p 500 component industry aerospace defense information security and advanced technologies predecessors lockheed corporation and martin marietta founded march 15 1995 ; 21 years ago 1995 03 15 headquarters bethesda maryland united states area served worldwide key people marillyn a. hewson chairman president & ceo products atc systems ballistic missiles precision guided munitions missile defense elements directed energy weapons combat systems littoral combat ships armoured fighting vehicles combat aircraft military support aircraft robotic systems radar technologies electronic warfare systems multi function sensor systems satellites atlas v launch vehicles spacecraft ict solutions and software energy management and storage systems revenue us 46.132 billion fy 2015 1 operating income us 5.3546 billion fy 2015 1 profit us 3.605 billion fy 2015 1 total assets us 49.128 billion fy 2015 1 total equity us 3.097 billion fy 2015 1 number of employees 126 000 february 2016 citation needed subsidiaries lockheed martin aerospace systems integration corporation lockheed martin australia pty limited lockheed martin canada inc. lockheed martin desktop solutions inc. lockheed martin engine investments llc lockheed martin global inc. lockheed martin integrated systems inc. lockheed martin integrated technology llc lockheed martin international service corporation lockheed martin investments inc. lockheed martin logistics management inc. lockheed martin operations support inc. lockheed martin services inc. lockheed martin space alliance company lockheed martin uk ampthill limited lockheed martin uk limited lockheed martin bts limited qtc holdings inc. sandia corporation 2 sikorsky aircraft corporation website lockheedmartin.com lockheed martin nyse lmt is an american global aerospace defense security and advanced technologies company with worldwide interests . it was formed by the merger of lockheed corporation with martin marietta in march 1995 . it is headquartered in bethesda maryland in the washington dc area . lockheed martin employs 126 000 people worldwide . citation needed marillyn hewson is the current president and chief executive officer . lockheed martin is one of the largest companies in the aerospace defense security and technologies industry . it is the world s largest defense contractor based on revenue for fiscal year 2014 . 3 in 2013 78 % of lockheed martin s revenues came from military sales ; 4 it topped the list of us federal government contractors and received nearly 10 % of the funds paid out by the pentagon . 5 in 2009 us government contracts accounted for 38.4 billion 85 % foreign government contracts 5.8 billion 13 % and commercial and other contracts for 900 million 2 % . 6 lockheed martin operates in five business segments aeronautics information systems & global solutions missiles and fire control rotary and mission systems and space systems . 7 the company received the collier trophy six times including in 2001 for being part of developing the x 35 f 35b liftfan propulsion system 8 9 10 and most recently in 2006 for leading the team that developed the f 22 raptor fighter jet . lockheed martin is currently developing the f 35 lightning ii and leads the international supply chain leads the team for the development and implementation of technology solutions for the new usaf space fence afsss replacement 11 and is the primary contractor for the development of the orion spacecraft command module . 12 the company also invests in healthcare systems renewable energy systems intelligent energy distribution and compact nuclear fusion . 13 contents 1 history 1.1 1990s 1.2 2000s 1.3 2010s 2 corruption investigations 3 criticism 4 organization 4.1 advanced design and development division 4.2 aeronautics 4.3 missiles and fire control 4.4 rotary and mission systems 4.5 space 4.6 others 4.7 joint ventures 4.8 divested 5 government contracts 6 corporate governance 6.1 board of directors 6.2 chief executive officer 6.3 chairman of the board 6.4 criticism 7 lobbying 8 management 8.1 double helix methodology 9 see also 10 references 11 further reading 12 external links history edit 1990s edit merger talks between lockheed corporation and martin marietta began in march 1994 with the companies announcing their 10 billion planned merger on august 30 1994 . 14 the deal was finalized on march 15 1995 when the two companies shareholders approved the merger . 15 the segments of the two companies not retained by the new company formed the basis for the present l 3 communications a mid size defense contractor in its own right . lockheed martin also later spun off the materials company martin marietta materials . both companies contributed important products to the new portfolio . lockheed products included the trident missile p 3 orion f 16 fighting falcon f 22 raptor c 130 hercules a 4ar fightinghawk and the dscs 3 satellite . martin marietta products included titan rockets sandia national laboratories management contract acquired in 1993 space shuttle external tank viking 1 and viking 2 landers the transfer orbit stage under subcontract to orbital sciences corporation and various satellite models . on april 22 1996 lockheed martin completed the acquisition of loral corporation s defense electronics and system integration businesses for 9.1 billion the deal having been announced in january . the remainder of loral became loral space & communications . 16 lockheed martin abandoned plans for a 8.3 billion merger with northrop grumman on july 16 1998 due to government concerns over the potential strength of the new group ; lockheed northrop would have had control of 25 % of the department of defense s procurement budget . 17 for the mars climate orbiter lockheed martin incorrectly provided nasa with software using measurements in us customary force units when metric was expected ; this resulted in the loss of the orbiter at a cost of 125 million . 18 19 the development of the spacecraft cost 193.1 million . 20 2000s edit lockheed martin s center for leadership excellence cle building in bethesda maryland in may 2001 lockheed martin sold lockheed martin control systems to bae systems . on november 27 2000 lockheed completed the sale of its aerospace electronic systems business to bae systems for 1.67 billion a deal announced in july 2000 . this group encompassed sanders associates fairchild systems and lockheed martin space electronics & communications . 21 22 in 2001 lockheed martin won the contract to build the f 35 lightning ii ; this was the largest fighter aircraft procurement project since the f 16 with an initial order of 3 000 aircraft . in 2001 lockheed martin settled a nine year investigation conducted by nasa s office of inspector general with the assistance of the defense contract audit agency . the company paid the united states government 7.1 million based on allegations that its predecessor lockheed engineering science corporation submitted false lease costs claims to nasa . 23 on may 12 2006 the washington post reported that when robert stevens took control of lockheed martin in 2004 he faced the dilemma that within 10 years 100 000 of the about 130 000 lockheed martin employees more than three quarters would be retiring . 24 on august 31 2006 lockheed martin won 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 . in 2009 nasa reduced the capsule crew requirements from the initial six seats to four for transport to the international space station . 25 on august 13 2008 lockheed martin acquired the government business unit of nantero inc. a company that had developed methods and processes for incorporating carbon nanotubes in next generation electronic devices . 26 27 in 2009 lockheed martin bought unitech . 28 2010s edit on november 18 2010 lockheed martin announced that it would be closing its eagan minnesota location by 2013 to reduce costs and optimize capacity at its locations nationwide . 29 in january 2011 lockheed martin agreed to pay the us government 2 million to settle allegations that the company submitted false claims on a u.s. government contract for that amount . the allegations came from a contract with the naval oceanographic office major shared resource center in mississippi . 30 on may 25 2011 lockheed martin bought the first quantum computing system from d wave systems . lockheed martin and d wave will collaborate to realize the benefits of a computing platform based upon a quantum annealing processor as applied to some of lockheed martin s most challenging computation problems . lockheed martin established a multi year contract that includes one system maintenance and services . potentially an important milestone for both companies . 31 on may 28 2011 it was reported that a cyber attack using previously stolen emc files had broken through to sensitive materials at the contractor . 32 it is unclear if the lockheed incident is the specific prompt whereby on june 1 2011 the new united states military strategy makes explicit that a cyberattack is casus belli for a traditional act of war . 33 on july 10 2012 lockheed martin announced it was cutting its workforce by 740 workers to reduce costs and remain competitive as necessary for future growth . 34 on august 2 2012 the vice president for business development george standridge stated that his company has offered 6 more c 130j aircraft to the indian air force for which discussions are underway with the indian government . 35 on november 27 2012 lockheed martin announced that marillyn hewson will become the corporation s chief executive officer on january 1 2013 . 36 on january 7 2013 lockheed martin canada announced that it will be acquiring the engine maintenance repair and overhaul assets from aveos fleet performance in montreal canada . on july 3 2013 lockheed martin announced that it was partnering with dreamhammer to use the company s software for integrated command and control of its unmanned aerial vehicles . 37 lockheed martin teamed up with bell helicopter to propose the v 280 valor tiltrotor for the future vertical lift fvl program . 38 in september 2013 lockheed martin acquired the scotland based tech firm amor group saying the deal would aid its plans to expand internationally and into non defence markets . 39 on november 14 2013 lockheed announced they would be closing their akron ohio facility laying off 500 employees and transferring other employees to other locations . 40 in march 2014 lockheed martin acquired beontra ag a provider of integrated planning and demand forecasting tools for airport planning to expand their business in commercial airport information technology solutions . 41 also in march 2014 lockheed martin announced its acquisition of industrial defender inc. 42 on june 2 2014 lockheed martin received a pentagon contract to build a space fence that would track debris keeping it from damaging satellites and spacecrafts . 43 in september 2014 lockheed agreed a deal to sell 40 f 35 fighter jets to south korea for delivery between 2018 and 2021 for a fee in the region of 7.06 billion . 44 on july 20 2015 lockheed martin announced plans to purchase sikorsky aircraft from united technologies corporation at a cost of 7.1 billion . 45 46 the pentagon has criticized the acquisition as causing a reduction in competition . 47 in november 2015 the acquisition received final approval from the chinese government 48 with a total cost of 9 billion . 49 dan schulz was named the president of lockheed martin s sikorsky company . 50 lockheed martin has shown when sketches for a twin engine blended wing body strategic airlifter similar in size to the c 5 . 51 on march 31 2015 the us navy awarded lockheed martin a contract worth 362 million for construction of freedom class ship lcs 21 and 79 million for advanced procurement for lcs 23 . the freedom class ships are built by fincantieri marinette marine in marinette wisconsin . 52 in december 2015 lockheed won a 867 million seven year contract to train australia s next generation of military pilots . there is also an option