Lockheed Martin, headquartered in Bethesda, Maryland, primarily focuses on global security and aerospace. The company employs around 100,000 people around the world, and its operating units are organized in aeronautics, missiles and fire control, rotary and mission systems and space.
In its 2017 sales, the company had $20.1 billion in aeronautic sales that involved developing lines of business, aeronautical research, airlift and tactical aircraft. In missiles and fire control sales, the company had $7.2 billion in 2017 sales, and itís rotary and mission systems had $14.2 billion in sales that same year. The rotary and mission systems sales involved Sikorsky military and commercial helicopters, naval systems, platform integration and training lines of business. As far as space, Lockheed Martin works with space launch, commercial satellites, government satellites and strategic missiles, and those generated around $9.5 billion in 2017 sales.
The companyís history runs for over 100 years long when it was born on December 19, 1912. Allan and Malcom Lockheed set up a shop in a garage where they built seaplanes. The company was originally named Alco Hydro-Aeroplane Company by Allan and Malcom Lockheed, before it was eventually changed to Lockheed Aircraft Company. The companyís original planes broke speed and distance records for over-water flights. Itís currently looking to hire over 200 technical positions that are open in Syracuse, Owego and Rochester.
Lockheed Martin recently secured a $52.7 million contract to provide engineering, development and sustainment services to the Air Force Multi-Mission Satellite Operation Center. The contract came from the Space and Missile Systems Center, located at the Kirkland Air Force Base in Albuquerque, New Mexico.
The deal will see Lockheed Martin provide technical services on things like experimental and demonstration satellites, and the company will serve as a focal point for the Department of Defenseís experimental space and missile operations.
The United Statesí fiscal 2019 defense budget has $4.3 billion invested to strengthening the countryís satellites and space potential. One big reason for that budget is because there has been an increase in the number of threats in cyber security space, and military satellites are an effective tool for strengthening national security.
Lockheed Martin secured other contracts for satellites and space systems last year, including a $2.9 billion deal with the U.S. Air Force and a $7.2 billion contract for constructing 22 Global Positioning System III satellites.
In December, the company-built spacecraft pulled within nearly 12 miles of an asteroid. The spacecraft, constructed in Littleton, is the first attempt by the United States to collect samples from an asteroid and bring them back to Earth.
The craft was launched on Sept. 8, 2016, and Japan is the only country so far to bring samples from an asteroid, when it did it in 2010. The spacecraft is scheduled to fly around the asteroid in an effort to explore it, and it will also analyze the asteroidís gravity so that it can orbit the asteroid. The craft is expected to sample the asteroid in 2020, and it is scheduled to return in 2023.
However, despite the contracts, the companyís stock has been struggling. In the past year, Lockheed Martinís stock dropped by 17.1 percent. The industry as a whole fell by 7.6 percent. Experts believe the stock drops may be a result from competition the company has faced both in the country and internationally as well.
In Lockheed Martin U.K., Patrick Wood, the director of international advanced programs and the man responsible for Lockheed Martin Spaceís U.K. business, resigned from his position last month.