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This Day in Georgia History

March 15, 1995

Lockheed and Martin Marietta Merged

Shareholders of Lockheed Corporation and Martin Marietta Corporation approved a $10 billion merger of the two companies. Lockheed chairman Daniel M. Tellep became the first chairman and chief executive officer of Lockheed Martin, while his counterpart at Martin Marietta, Norman R. Augustine, was to take over the company when Tellep retired in two years. Perhaps, the biggest controversy about the merger was the fact that Augustine received a $8.2 million bonus for his part in the merger, and Tellep received another $770,000. At the same time the 170,000-employer work force was expected to be trimmed by about 30,000 jobs, with most of the losses coming in California. The merger was expected to have relatively little impact on the labor force in Marietta, Ga., which was expected to stabilize by the end of the year at about 9,000. The Marietta plant would continue its forty-year history of turning out C-130s and continue managing the development of the F-22 fighter. In Lockheed’s last year of operation as a separate company, the Marietta’s Lockheed Aeronautical Group had generated $6 billion of Lockheed’s total $13.2 billion in revenues. However, Kenneth M. Cannestra, the Group President, lost a fight to keep the Aeronautical Group headquartered in Cobb County. Instead, Cannestra’s successor, James “Mickey” Blackwell, would be headquartered with other top company executives in Bethesda, Maryland. The highest ranking official in Georgia was to be John S. McLellan, President of the Marietta plant. [Contributed by Dr. Tom Scott, Kennesaw State University]