Lockheed Martin Corporation
Lockheed Martin Corporation
Term Paper
5/5/2012
Lockheed Martin is an American aerospace multinational that also specializes in defense, security and advanced technology industries. The corporation was instituted in 1995 following the merger between Lockheed Corporation and Martin Marietta (Yenne, 2000). The corporation is based in Bethesda in Maryland with global centers that specialize in different aspects of the corporation’s many operations. Currently, the corporation employs over 120,000 employees scattered across the world. Presently, Lockheed is one of the largest defense contractors in the world and enjoys almost unlimited orders across the world. The operations of the corporation are divided into different segments comprising electronic systems (27%), aeronautics (27%), information systems and global solutions (27%) and space systems (19%). Today, US government contracts account for much of the corporation’s revenue while foreign government contracts also make up a substantial share of the revenue. On the other hand, orders from commercial clients only make up a mere 2 % of the total revenue the corporation nets in a year. In 1996, the corporation finalized the plans to acquire Lorad Corporation which subsequently became part of the corporation at a cost of $9.1 billion. Like any other global corporation engaging thousands of employees across the world, Lockheed is certainly faced with a myriad of challenges that normally define business operations in the present world. One of the greatest challenges facing the corporation is the need to address employee concerns and effectively tackle the aspects of employee and industrial relations without many problems like is always the case. On certain instances the corporation has had to face the challenge of striking workers and go slow as employees complained about various aspects relating to their operations in the organization (Terris, 2010). In that regard, the aspect of
Term Paper
5/5/2012
Lockheed Martin is an American aerospace multinational that also specializes in defense, security and advanced technology industries. The corporation was instituted in 1995 following the merger between Lockheed Corporation and Martin Marietta (Yenne, 2000). The corporation is based in Bethesda in Maryland with global centers that specialize in different aspects of the corporation’s many operations. Currently, the corporation employs over 120,000 employees scattered across the world. Presently, Lockheed is one of the largest defense contractors in the world and enjoys almost unlimited orders across the world. The operations of the corporation are divided into different segments comprising electronic systems (27%), aeronautics (27%), information systems and global solutions (27%) and space systems (19%). Today, US government contracts account for much of the corporation’s revenue while foreign government contracts also make up a substantial share of the revenue. On the other hand, orders from commercial clients only make up a mere 2 % of the total revenue the corporation nets in a year. In 1996, the corporation finalized the plans to acquire Lorad Corporation which subsequently became part of the corporation at a cost of $9.1 billion. Like any other global corporation engaging thousands of employees across the world, Lockheed is certainly faced with a myriad of challenges that normally define business operations in the present world. One of the greatest challenges facing the corporation is the need to address employee concerns and effectively tackle the aspects of employee and industrial relations without many problems like is always the case. On certain instances the corporation has had to face the challenge of striking workers and go slow as employees complained about various aspects relating to their operations in the organization (Terris, 2010). In that regard, the aspect of
References: (2010). "Fifty years of cooperation": International Association of Machinists & Lockheed Corporation Anderson, R. A. (2009). A look at Lockheed. New York: Newcomer Society in North America. 5April2012 (2011) IAMAW Cimini, M. & Behrmann, H. (1994). Settlements at Lockheed. Monthly Labor Review, 117(3), 41 Oxley and the sentencing guidelines. Journal of Organizational Excellence, 25(3), 27. (AN20916958) EBSCO Host Research Database, U (2010). Employment opportunities/staffing. Contract management, 51. EBSCO Host Research Database, U