Lockheed Martin Announces Formation of Maritime Systems & Sensors Business Segment
MOORESTOWN, NJ, 04-AUG-03 -- In a move to enhance customer satisfaction and strengthen its competitive advantage in design and integration of combat systems and sensors for maritime and related markets, Lockheed Martin [NYSE: LMT] is further integrating its naval electronics and surveillance systems units into a single business enterprise called Maritime Systems & Sensors (MS2). This restructured company, with more than 11,000 employees, has significant operations in Akron, OH; Archbald, PA; Baltimore, MD; Eagan, MN; Manassas, VA; Syracuse, NY; Moorestown, NJ; Clearwater and Riviera Beach, FL, as well as satellite operations in more than 70 locations, including 22 overseas. Our objective is straightforward. We intend to improve our competitive advantage and offer our current and future customers the best solutions at the most affordable price, said Fred P. Moosally, president of the new MS2 enterprise. We are restructuring our business to operate as a single enterprise. Common processes, systems and tools will enhance our ability to quickly deploy our talented people and other resources across lines of business in pursuit of new opportunities and to best serve current customers. Our allegiance is to our customers first.
The MS2 restructuring, to be accomplished over two years, will include adopting a single financial system, implementing common processes in all disciplines, and reviewing manufacturing capacity and redundancy. Combined, these initiatives will result in the elimination of some positions across MS2. The number of employees affected is expected to be minimal as a result of normal attrition over the two-year implementation period.
As one team, the men and women of MS2 will perform to the highest standards, listen to our customers, take pride in our work and offer inventive solutions to complex challenges, Moosally said.
Lockheed Martin Maritime Systems & Sensors:
Is a recognized industry leader in advanced naval combat systems for surface and undersea platforms and land-based surveillance radars
Has a critical role in sea-based missile defense
Is a leader in open systems architecture
Develops advanced technology expertise in areas of shipboard weapons systems, advanced hull forms and advanced, solid-state radars
Is lead systems integrator of several complex programs of national consequence.