Editing Lockheed Martin (section)

=== 1990s ===
Merger talks between [[Lockheed Corporation]] and [[Martin Marietta]] began in March 1994, with the companies announcing their $10&nbsp;billion planned merger on August 30, 1994.<ref>{{Cite book |last=Gaughan |first=Patrick A. |title=Mergers, Acquisitions, and Corporate Restructurings |publisher=John Wiley & Sons |year=2011 |isbn=978-0-470-56196-6 |edition=5th |location=Hoboken, NJ |pages=114 |language=en}}</ref><ref>{{Cite news |last=Lynch |first=Jack |date=1994-08-30 |title=Lockheed and Martin Marietta Set to Merge in $10 Billion Deal |language=en-US |work=The New York Times |url=https://www.nytimes.com/1994/08/30/business/lockheed-and-martin-marietta-set-to-merge-in-10-billion-deal.html |access-date=2023-07-20 |issn=0362-4331}}</ref> The headquarters for the combined companies would be at Martin Marietta headquarters in [[North Bethesda, Maryland]].<ref>{{cite news |first=Floyd |last=Norris|title=A 'merger of equals,' with Martin Marietta the most equal |work=The New York Times |date=August 31, 1994|url=https://www.nytimes.com/1994/08/31/business/market-place-a-merger-of-equals-with-martin-marietta-the-most-equal.html}}</ref> The deal was finalized on March 15, 1995, when the two companies' shareholders approved the merger.<ref>{{cite news|title=Martin Marietta-Lockheed merger is approved|work=The New York Times|date=March 16, 1995|url=https://www.nytimes.com/1995/03/16/business/company-news-martin-marietta-lockheed-merger-is-approved.html}}</ref>  The segments of the two companies not retained by the new company formed the basis for [[L-3 Communications]], a mid-size defense contractor in its own right. Lockheed Martin also later spun off the materials company [[Martin Marietta Materials]].{{Citation needed|date=August 2024}}

The company's executives received large bonuses directly from the government as a result of the merger. [[Norman R. Augustine]], who was at the time CEO of Martin Marietta, received an $8.2 million bonus.<ref>{{Cite web|url=https://apnews.com/5d722dfdd62b97a758ab5cc097220138|title=Audit Recommends Slashing Pentagon Incentive Pay for Defense Execs|last=Diamond|first=John|website=AP NEWS|access-date=April 24, 2019}}</ref>

Both companies contributed important products to the new portfolio.{{Citation needed|date=August 2024}} Lockheed products included the [[Trident missile]], [[P-3 Orion]] [[maritime patrol aircraft]], [[Lockheed U-2|U-2]] and [[SR-71 Blackbird]] [[Reconnaissance aircraft|reconnaissance airplanes]], [[F-117 Nighthawk]], [[General Dynamics F-16 Fighting Falcon|F-16 Fighting Falcon]], [[F-22 Raptor]], [[C-130 Hercules]], [[A-4AR Fightinghawk]] and the DSCS-3 satellite. Martin Marietta products included [[Titan (rocket family)|Titan rockets]], [[Sandia National Laboratories]] (management contract acquired in 1993), [[Space Shuttle external tank|Space Shuttle External Tank]], [[Viking 1]] and [[Viking 2]] landers, the Transfer Orbit Stage (under subcontract to [[Orbital Sciences Corporation]]) and various satellite models.{{Citation needed|date=August 2024}}

On April 22, 1996, Lockheed Martin completed the acquisition of [[Loral Corporation]]'s defense electronics and system integration businesses for $9.1&nbsp;billion, the deal having been announced in January. The remainder of Loral became [[Loral Space & Communications]].<ref>{{cite news |first=John |last=Mintz |title=Lockheed-Martin Loral Merger May Mean a Loss of Business; McDonnell Douglas Threatens to Cancel Billions in Contracts|newspaper=The Washington Post |date=April 23, 1996}}</ref>  Lockheed Martin abandoned plans for an $8.3&nbsp;billion merger with [[Northrop Grumman]] on July 16, 1998, due to government concerns over the potential strength of the new group; Lockheed/Northrop would have had control of 25% of the Department of Defense's procurement budget.<ref>{{cite news |first=Leslie |last=Wayne|title=Lockheed cancels Northrop merger, citing U.S. stand |work=The New York Times |date=July 17, 1998|url=https://www.nytimes.com/1998/07/17/business/lockheed-cancels-northrop-merger-citing-us-stand.html}}</ref>

For the [[Mars Climate Orbiter]], Lockheed Martin incorrectly provided NASA with software using measurements in [[United States customary units|US Customary force units]] when metric units were expected; this resulted in the loss of the Orbiter at a cost of $125&nbsp;million.<ref>{{cite news |url=http://www.cnn.com/TECH/space/9909/30/mars.metric.02/ |title=Metric mishap caused loss of NASA orbiter |work=[[CNN]] |date=September 30, 1999}}</ref><ref>{{cite news|url=http://findarticles.com/p/articles/mi_m1200/is_15_156/ai_57155808/ |archive-url=https://web.archive.org/web/20040904163705/http://www.findarticles.com/p/articles/mi_m1200/is_15_156/ai_57155808 |url-status=dead |archive-date=September 4, 2004 |title=Math error equals loss of Mars orbiter |work=Science News|date=October 9, 1999}}</ref>  The development of the spacecraft cost $193&nbsp;million.<ref>{{cite news |date=August 7, 2012 |title=When Software Catastrophe Strikes |url=https://www.bloomberg.com/news/photo-essays/2012-08-07/when-software-catastrophe-strikes |work=[[Bloomberg News]]}}</ref><ref>{{cite news |date=March 4, 2022 |title=Remembering the time NASA lost a $193 million spacecraft due to a math mixup |url=https://tucson.com/news/science/remembering-the-time-nasa-lost-a-193-million-spacecraft-due-to-a-math-mixup/video_8299ab4a-b9ce-52bd-aaaa-00eec5938fc9.html |newspaper=[[Arizona Daily Star]]}}</ref>

In addition to their military products, in the 1990s Lockheed Martin developed the [[texture mapping]] chip for the [[Sega Model 2]] [[arcade system board]] and the entire graphics system for the [[Sega Model 3]], which were used to power some of the most popular arcade games of the time.<ref>{{cite magazine|title=Peacetime Programmers|magazine=[[Electronic Gaming Monthly]]|issue=97 |publisher=[[Ziff Davis]] |date=August 1997|pages=66–67}}</ref>