Lockheed Martin To Form New Electronic Systems Business Areas

Lockheed Martin today announced it will reorganize its Electronic Systems business area into two new business areas that position the company for growth by increasing customer alignment and reducing costs. The company has created the Missiles and Fire Control (MFC) and Mission Systems and Training (MST) business areas brings the company’s total to five including Aeronautics, Space Systems, and Information Systems & Global Solutions. “Our customers are looking for affordable solutions to their toughest challenges whether intercepting enemy missiles, conducting naval operations in littoral waters, or securing information networks from attack,” said Chris Kubasik, Lockheed Martin Vice Chairman, President and Chief Operating Officer. “This new structure will allow us to better support our customers around the world and positions our company for sustained long-term growth”. The reorganization will streamline operations and save approximately $50 million a year by eliminating the executive management teams of the Electronic Systems business area and the Global Training and Logistics (GTL) business unit. The GTL portfolio will be split between the two resulting business areas. Approximately 200 jobs will be affected. “For the past three years, Chris has led an effort to examine all aspects of our business in an environment where every dollar counts,” said Bob Stevens, Lockheed Martin Chairman and Chief Executive Officer. “This focus on maximizing value for customers and shareholders has already identified billions in savings for our customers and made us more competitive”.