Thu, Mar. 31, 2:27 PM
- United Technologies' (UTX -0.2%) performance building engines for the F-35 fighter have been plagued by “recurring manufacturing quality issues,” Bloomberg reports, citing the Defense Department’s annual report on the program.
- The DoD says quality deficiencies in turbine blades and electronic control systems forced "suspect hardware" to be removed from the operational fleet, but UTX unit Pratt & Whitney “has taken action to improve quality surveillance within their manufacturing processes," and the DoD has worked to ensure improvements are in place as production accelerates.
- UTX is under pressure to hone its quality processes as the Pentagon plans to spend nearly $49B buying as many as 2,457 engines for the fighters built by Lockheed Martin (LMT -0.5%).
- Now read United Technologies: No longer a bargain
Wed, Mar. 30, 4:57 AM
- Nearly 80 years after the Hindenburg disaster, airships are poised for a comeback.
- Straightline Aviation has signed a letter of intent to acquire 12 new Lockheed Martin (NYSE:LMT) hybrid airships - 280 feet long, able to carry 20 tons of cargo - in a deal valued at about $480M.
- The company plans to use the massive blimps to run air operations for oil-and-gas companies, transporting their equipment and commodities to and from remote locations.
- Previously: Lockheed wins Hybrid Airship certification from FAA (Nov. 17 2015)
Tue, Mar. 29, 10:51 AM
- Lockheed Martin (LMT) has restarted its Tactical Missile System production line at the company's facility in Camden, Arkansas.
- "This production re-start will yield greater flexibility and significant cost-savings," said Ken Musculus, VP of the Tactical Missiles division.
- TACMS is the only long-range tactical surface-to-surface missile ever fired in combat by the U.S. Army.
Mon, Mar. 28, 9:06 AM
- Objects in space will soon be monitored by a radar array for the U.S. Air Force’s Space Fence as part of Lockheed Martin's (NYSE:LMT) new test site in New Jersey.
- The facility will be used for early validation of hardware, firmware and software that will enable the Space Fence to detect, track, and catalog orbital objects more than 1.5M times a day to predict and prevent space-based collisions.
Thu, Mar. 17, 8:19 AM
- Brett Tobey, United Launch Alliance's VP of Engineering, has resigned after saying the firm last year refused to bid on a launch service contract for the U.S. military's next-generation GPS satellite because it was hoping to avoid a "cost shootout" with Elon Musk's SpaceX.
- "The views, positions and inaccurate statements Mr. Tobey presented at his recent speaking engagement were not aligned with the direction of the company, my views, nor the views I expect from ULA leaders," CEO Tory Bruno said in the statement.
- United Launch Alliance is a joint venture between Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT).
Wed, Mar. 16, 2:20 AM
- Speaking at Lockheed Martin's (NYSE:LMT) annual media day, CEO Marillyn Hewson discussed several new technological breakthroughs, including progress on hypersonic aircraft and laser weapons that could be used on the battlefield.
- The company hopes to produce a jet that could reach Mach 6, while carrying conventional or nuclear warheads. The project would continue throughout the 2020s, with aircraft potentially entering service in the 2030s.
- Hewson also showed a slide of an experiment involving a 30 KW laser weapon that can bore a hole through a two inch piece of steel in seconds, disabling an incoming rocket or the engine of a pickup truck.
Tue, Mar. 15, 2:43 PM
- Lockheed Martin (LMT +0.3%) has "no regrets" about its $9B purchase of Sikorsky even though lower oil prices have taken a bigger bite than expected from commercial helicopter sales, CEO Marillyn Hewson says at the company's annual media day.
- Buying Sikorsky from United Technologies was "absolutely a great opportunity," the CEO says, expecting oil prices to recover over the longer term.
- CFO Bruce Tanner rejects speculation that LMT had paid 20x Sikorsky's EBITDA, saying that was an "overstated number," and that LMT remains upbeat about Sikorsky's longer-term prospects.
- Earlier: Lockheed CEO: Poland, Turkey interested in MEADS system
Tue, Mar. 15, 11:23 AM
- Lockheed Martin (LMT -0.1%) CEO Marillyn Hewson has confirmed that both Poland and Turkey are interested in the company's MEADS missile defense system, which has already been selected by Germany.
- Poland's former center-right government last year chose Raytheon's Patriot missile defense system, but the new Polish government is now reconsidering that decision.
- Turkey is also looking at the medium-range air- and missile-defense system.
- Previously: Report: Poland resumes missile defense talks with Lockheed (Feb. 25 2016)
Fri, Mar. 11, 7:57 AM| Fri, Mar. 11, 7:57 AM | 11 Comments
Tue, Mar. 8, 5:57 PM
- Lockheed Martin (NYSE:LMT) has announced a voluntary layoff for its Aeronautics business, an area where it's looking to cut about 1,000 positions.
- The company says the program is available to its mid-level employees in seven locations including facilities in Texas, Georgia, California, Mississippi, West Virginia and Maryland.
- Shares were up 2.2% after hours prior to the announcement.
Tue, Mar. 8, 7:34 AM
- Lockheed Martin (NYSE:LMT) is setting ambitious targets for lowering costs, shortening the time it takes to build new satellites, and adopting new technologies.
- Rick Ambrose, who heads the company's space business, said his goal over the next three to five years was to shorten the time it took to develop a new satellite by 40%, and to get to a point where satellites could be reprogrammed for new missions while already in orbit.
- Lockheed has already cut $2.8B in cost from its main satellite portfolio, and lowered operating costs by shutting facilities.
Mon, Feb. 29, 10:02 AM
- Lockheed Martin (LMT -0.4%) has agreed to pay $5M to settle alleged violations over the operating of the Paducah Gaseous Diffusion Plant in Paducah, Kentucky.
- The U.S. Department of Justice said the settlement will resolve allegations that the company knowingly submitted false claims for payment under their contracts to operate the plant and violated laws over managing hazardous waste.
Fri, Feb. 26, 7:58 AM
- Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT) won't take legal action challenging the loss of an $80B contract to Northrop Grumman (NYSE:NOC) to build a new long-range bomber.
- The decision by the two biggest U.S. defense contractors, which bid jointly for the program, clears the way for Northrop to develop one of the biggest U.S. weapons systems of the next decade.
- Previously: Boeing weighs options after losing bomber protest (Feb. 17 2016)
Thu, Feb. 25, 5:48 PM
- The U.S. Defense Department's plan to defer some orders for F-35 fighter jets over the next five years should not have a significant impact on efforts to lower the jet's costs, according to the Lockheed Martin (NYSE:LMT) exec in charge of the $391B program.
- LMT's Jeff Babione told the Air Force Association's annual Air Warfare Symposium in Orlando today that the company and its suppliers are continuing broad-based efforts to lower the cost of the new radar-evading warplane, and that given growing international orders, the small number of jets to be deferred by the Pentagon was "not significant."
- The Pentagon's manager for the F-35 program said earlier this month that agreements on the next two batches of the jets, worth a combined $15B, should be finalized in March, although Babione says a deal is taking longer than expected largely due to the sheer size and complexity of the program.
Thu, Feb. 25, 10:24 AM
- Poland is said to have relaunched talks with Lockheed Martin's (LMT +0.8%) MEADS on a medium-range air- and missile-defense system tender, whose value defense officials estimate at around $5B.
- The country had previously excluded the Lockheed-led consortium from the deal, short-listing two contenders: A group of MBDA and Thales (OTC:THLEY), and Raytheon (RTN +0.4%), as potential suppliers.
- Previously: Poland sets Patriot as first choice, but sets conditions (Feb. 11 2016)
Thu, Feb. 25, 7:41 AM
- Lockheed Martin (NYSE:LMT) is cautioning investors that the Sikorsky helicopter unit it acquired last year could underperform, given changes in oil prices and other global economic conditions.
- "We believe that we will benefit from the integration of our products and technologies with those of the Sikorsky business and realize synergies and potential for long-term growth, as well as expanded capabilities and customer relationships as a result of the acquisition," the company said in a 10-K filing.
- "However, the integration process is complex, costly and time-consuming and we may not be able to capture anticipated synergies, tax benefits, cost savings, and business opportunities in the time frame anticipated, or at all."
Lockheed Martin Corp. operates as a global security and aerospace company. The company is engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. It also provides a broad range of management, engineering,... More
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Industry: Aerospace/Defense Products & Services
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