For the 26th year in a row, Lockheed Martin is being recognized as a Fortune 500 company. This year, the corporation is no. 57, up from last year’s position at no. 60. Fortune Magazine’s Fortune 500 list ranks companies by total revenue and is regarded as a list of the 500 most powerful companies in the world. In total, Fortune 500 companies represent two-thirds of the U.S. economy.
Earlier this year, Lockheed Martin also secured the number two spot in the aerospace and defense industry on Fortune’s list of the world’s most admired companies. Based on a survey of 1,500 companies, the 2020 list of most admired companies contains 331 companies across 52 industries. Among the nine key attributes of reputation, Lockheed Martin ranks number one in quality of products and services, long-term investment value and quality of management.
As a leading global company, Lockheed Martin serves a unique role in supporting critical industrial base suppliers, front-line medical workers and local communities during the COVID-19 pandemic. The corporation remains focused on providing vital national security solutions for customers while maintaining a safe and healthy environment for its employees. It’s an honor to be on the 2020 Fortune 500 list as we keep our record backlog and business strong, through achievements like the recent highlights below:
The F-35 Joint Program Office awarded the Lockheed Martin industry team a $1.9 billion contract to support operations and sustainment of the global F-35 fleet, while improving mission readiness and further reducing costs. The annual contract funds critical sustainment activities for aircraft currently in the fleet and builds enterprise capacity to support the future fleet of more than 3,000 F-35 aircraft. The F-35 also hit two important milestones recently. Lockheed Martin delivered the 500 th F-35 and the F-35 enterprise surpassed 250,000 flight hours.
The U.S. Army awarded Lockheed Martin a $1.15 billion contract for Guided Multiple Launch Rocket Systems (GMLRS) production and support equipment. GMLRS is an all-weather rocket designed for fast deployment that delivers precision strike beyond the reach of most conventional weapons. The MLRS Family of Munitions (MFOM) includes a variety of precision-strike rockets and missiles, with on-going evolutionary development to meet the needs of the warfighter. These combat-proven low-cost, low-risk rounds greatly reduce collateral damage and provide tremendous capability and flexibility in addressing today’s threats.
Lockheed Martin is honored the U.S. Army selected its game changing X2 Technology for the next phases of both the Future Long-Range Assault Aircraft (FLRAA) and Future Attack Reconnaissance Aircraft (FARA) programs. In February, U.S. Senator Tammy Duckworth and Secretary of the Army Ryan McCarthy witnessed our progress for future vertical lift firsthand in a flight demonstration in West Palm Beach, Florida. Future Vertical Lift is one of the Army’s top modernization priorities, and Lockheed Martin’s team at Sikorsky is ready to meet the challenge.
Lockheed Martin Space recognized an important milestone recently. The first national security satellite under the U.S. Space Force, in partnership with Space and Missile Center Systems and United Launch Alliance (ULA), launched on March 26. This is the sixth Lockheed Martin-built Advanced Extremely High Frequency (AEHF-6) satellite. AEHF-6 successfully separated from its ULA Atlas V 551 rocket approximately five hours and 45 minutes after launch and is now responding to commands from ground control. The satellite is part of the protected communications network providing global, survivable, protected communications capabilities for national leaders and tactical warfighters operating across ground, sea and air platforms.
This year’s Fortune 500 ranking comes during a unique time. As a leader in the aerospace and defense industry, Lockheed Martin is proactively identifying opportunities to support its employees, the supply chain and communities where we live, work and serve.
National security never stops, and the vital missions of our customers continue no matter what new challenges emerge. From the beginning of the crisis Lockheed Martin has worked closely with the U.S. Department of Defense (DOD) to provide critical financial and operational support to the most vulnerable elements of the defense industrial base. Ahead of schedule, the corporation has met its pledged goal of delivering $450 million in accelerated progress payments from the DOD to our supply chain, including small and distressed businesses. That’s not all – more than $600 million in accelerated payments is estimated to flow to our supply chain partners. In addition, Lockheed Martin began a webinar series in partnership with the U.S. Small Business Administration to help small business and veteran-own business suppliers identify resources to maintain financial and operational strength.
Lockheed Martin’s leadership and COVID-19 relief efforts don’t stop there. Across the country, the corporation has produced and donated more than 30,000 protective gowns and 25,000 face shields at more than 70 locations to support frontline medical workers. Lockheed Martin’s core values (do what’s right, respect others and perform with excellence) are guiding employees across the country. The corporation in partnership with food service providers are donating more than 44,000 meals to the needy in local communities surrounding eight Lockheed Martin locations.
Where other companies are slowing or even halting their recruiting, Lockheed Martin has hired over 3,400 employees across the United States since the COVID-19 crisis began. The corporation is on track with its plan to hire 12,000 employees by the end of 2020. As an industry leader, Lockheed Martin recognizes that providing jobs during this period of economic downturn is critically important to mission continuity. As the world navigates the challenges of this global crisis, Lockheed Martin will continue to deliver on commitments to its customers, support job creation and help those in need wherever it operates.