Lockheed Martin Continues Accelerated Payments to Small and Vulnerable Suppliers

BETHESDA, Md., May 6, 2021 – As the COVID-19 pandemic enters its 14th month, Lockheed Martin continues to bolster the defense industrial base through accelerated payments to suppliers, with a focus on small and vulnerable businesses; take deliberate action to protect our workforce’s health and safety; and deliver on our commitments to our military and security partners.

Additionally, to support India in its fight against COVID-19, Lockheed Martin is pledging $400,000 in humanitarian assistance to India and donating critical medical supplies for distribution. We also have activated new telehealth benefits for all Lockheed Martin employees and their families in India.
 

Strengthening our Supply Chain

  • In April, we averaged more than $430 million weekly in accelerated payments to our supply chain partners, with a focus on small and vulnerable businesses.
  • As of April 30, we have accelerated approximately $1.3 billion in payments for invoices due to our supply chain in the second quarter of 2021 and beyond.
  • We applaud the Department of Defense’s support to the defense industrial base throughout the pandemic by increasing the progress payment rate to suppliers. Since the beginning of the pandemic, we have accelerated payments to more than 11,250 suppliers, including more than 6,900 small businesses across all 50 states, the District of Columbia, Puerto Rico and 47 nations. We will continue to accelerate cash to small businesses and vulnerable suppliers to meet commitments vital to national security.
     

Providing Humanitarian Relief to India

  • Effective immediately, we are providing $250,000 to help U.S.- and India-based organizations procure more than 500 portable oxygen concentrators that will be donated to the Government of India for distribution.
  • We also are pledging $150,000 in charitable donations to U.S.-based non-profit organizations supporting relief efforts. We also activated our employee workplace giving program to support India humanitarian relief.
  • We are offering critical medical supplies including face coverings, face shields and bottles of hand sanitizer from our surplus supply, to the U.S. Chamber of Commerce Foundation for distribution in India.
  • We are supporting the Global Task Force on Pandemic Response, a newly formed, U.S.-based, public-private partnership organized by the U.S. Chamber of Commerce and supported by Business Roundtable.
     

Facilitating COVID-19 Vaccine Access

  • As a Department of Homeland Security-designated essential business and a component of the nation’s critical infrastructure, Lockheed Martin has safely continued to operate throughout the pandemic.
  • Partnering with state and local governments, we have hosted more than 50 vaccination clinics at Lockheed Martin sites across the country and vaccinated thousands of Lockheed Martin employees, their family members and local community members.
  • To encourage employees to get vaccinated, we launched a communications campaign highlighting employee vaccination testimonials and developed regional communications toolkits to facilitate vaccine access.

 

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. 

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Media Contact:

John Torrisi, +1 301-922-8090, john.c.torrisi@lmco.com