Martin Marietta
Encyclopedia
Martin Marietta Corporation was an American company founded in 1961 through the merger of The Martin Company
and American-Marietta Corporation. The combined company became a leader in chemicals
, aerospace
, and electronics
. In 1995, it merged with Lockheed Corporation
to form Lockheed Martin
. The Martin Co. in Baltimore, however, retained that name for some time as a division of the new corporation.
. Bendix bought the majority of Martin Marietta shares and in effect owned the company. However, Martin Marietta's management used the short time separating ownership and control to sell non-core businesses and launch its own hostile takeover of Bendix (known as the Pac-Man defense
). The end of this extraordinarily bitter battle saw Martin Marietta survive; Bendix was bought by Allied Corporation.
Glenn L. Martin Company
The Glenn L. Martin Company was an American aircraft and aerospace manufacturing company that was founded by the aviation pioneer Glenn L. Martin. The Martin Company produced many important aircraft for the defense of the United States and its allies, especially during World War II and the Cold War...
and American-Marietta Corporation. The combined company became a leader in chemicals
Chemical industry
The chemical industry comprises the companies that produce industrial chemicals. Central to the modern world economy, it converts raw materials into more than 70,000 different products.-Products:...
, aerospace
Aerospace
Aerospace comprises the atmosphere of Earth and surrounding space. Typically the term is used to refer to the industry that researches, designs, manufactures, operates, and maintains vehicles moving through air and space...
, and electronics
Electronics
Electronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...
. In 1995, it merged with Lockheed Corporation
Lockheed Corporation
The Lockheed Corporation was an American aerospace company. Lockheed was founded in 1912 and later merged with Martin Marietta to form Lockheed Martin in 1995.-Origins:...
to form Lockheed Martin
Lockheed Martin
Lockheed Martin is an American global aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area....
. The Martin Co. in Baltimore, however, retained that name for some time as a division of the new corporation.
History
In 1982, Martin Marietta was subject to a hostile takeover bid by the Bendix CorporationBendix Corporation
The Bendix Corporation was an American manufacturing and engineering company which during various times in its 60 year existence made brake systems, aeronautical hydraulics, avionics, aircraft and automobile fuel control systems, radios, televisions and computers, and which licensed its name for...
. Bendix bought the majority of Martin Marietta shares and in effect owned the company. However, Martin Marietta's management used the short time separating ownership and control to sell non-core businesses and launch its own hostile takeover of Bendix (known as the Pac-Man defense
Pac-Man defense
The Pac-Man defense is a defensive option to stave off a hostile takeover in which a company that is threatened with a hostile takeover "turns the tables" by attempting to acquire its would-be buyer....
). The end of this extraordinarily bitter battle saw Martin Marietta survive; Bendix was bought by Allied Corporation.
Timeline
- 1961: Martin Marietta formed by merger of the Glenn L. Martin CompanyGlenn L. Martin CompanyThe Glenn L. Martin Company was an American aircraft and aerospace manufacturing company that was founded by the aviation pioneer Glenn L. Martin. The Martin Company produced many important aircraft for the defense of the United States and its allies, especially during World War II and the Cold War...
and American-Marietta Corporation - 1969: Martin Marietta commissioned to build the Mark IV monorailMark IV monorailThe Mark IV monorail is a design model of monorail trains. The design was developed by Bob Gurr. Ten were built by Martin Marietta in 1969 at the cost of about six million USD each and they were used on the Walt Disney World Monorail System between 1971 and 1989 before they were replaced by the...
used on the Walt Disney World Monorail SystemWalt Disney World Monorail SystemThe Walt Disney World Monorail System is a public transit system in operation at the Walt Disney World Resort.The Walt Disney World Resort currently operates twelve Mark VI monorail trains on three lines of service. The monorail system opened in 1971 with two routes and with Mark IV monorail trains...
between 1971-1989. - 1975: Acquires Hoskyns Group (UK IT services company)
- 1982: Bendix CorporationBendix CorporationThe Bendix Corporation was an American manufacturing and engineering company which during various times in its 60 year existence made brake systems, aeronautical hydraulics, avionics, aircraft and automobile fuel control systems, radios, televisions and computers, and which licensed its name for...
's attempted takeover ends in its own sale to Allied Corporation; Martin Marietta survives. - 1986: Wins contract to convert Titan II ICBMsIntercontinental ballistic missileAn intercontinental ballistic missile is a ballistic missile with a long range typically designed for nuclear weapons delivery...
into space launch vehicles. The Martin Company built the original ICBMs. - 1987: Electronics & Missiles Group formed, headquartered in OrlandoOrlando, FloridaOrlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
- 1991: Electronics & Missiles Group reorganized into the Electronics, Information & Missiles Group
- 1993: Acquires General ElectricGeneral ElectricGeneral Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
Aerospace for 3 billion USDUnited States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
, allowing combined marketing of complementary systems, e.g. Martin Marietta's Titan missiles launching GE Aerospace's satellites. - 1993: Acquires management contract for Sandia National LaboratoriesSandia National LaboratoriesThe Sandia National Laboratories, managed and operated by the Sandia Corporation , are two major United States Department of Energy research and development national laboratories....
. - 1993: Acquires General DynamicsGeneral DynamicsGeneral Dynamics Corporation is a U.S. defense conglomerate formed by mergers and divestitures, and as of 2008 it is the fifth largest defense contractor in the world. Its headquarters are in West Falls Church , unincorporated Fairfax County, Virginia, in the Falls Church area.The company has...
' space systems unit. - 1994: Martin Marietta completed its initial public offeringInitial public offeringAn initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of 19% of the common stock of Martin Marietta MaterialsMartin Marietta MaterialsMartin Marietta Materials is in the aggregate, chemical, and composite material business. It is the second largest producer of crushed stone, sand, and gravel in the United States behind Vulcan Materials Company. It is a leading U.S. producer of magnesia-based chemical products used as additives...
, which is listed on the New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
as MLM. - 1995: Martin Marietta merged with Lockheed CorporationLockheed CorporationThe Lockheed Corporation was an American aerospace company. Lockheed was founded in 1912 and later merged with Martin Marietta to form Lockheed Martin in 1995.-Origins:...
to form Lockheed MartinLockheed MartinLockheed Martin is an American global aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area.... - 1996: Lockheed Martin splits off Martin Marietta MaterialsMartin Marietta MaterialsMartin Marietta Materials is in the aggregate, chemical, and composite material business. It is the second largest producer of crushed stone, sand, and gravel in the United States behind Vulcan Materials Company. It is a leading U.S. producer of magnesia-based chemical products used as additives...
as a separate and independent entity.