LOCKHEED

Lockheed Corporation was an American aerospace manufacturer that was founded in 1926 by Allan Lockheed. In 1995, Lockheed merged with Martin Marietta to form what is now known as Lockheed Martin. Prior to founding Lockheed Corporation, Allan and his brother Malcolm Loughead had operated a similar aviation company called Loughead Aircraft Manufacturing Company from 1912 to 1920. After its closure due to a surplus of aircraft following World War I, Allan went into the real estate market while Malcolm established a successful brake system company for automobiles. The new Lockheed Corporation utilized some of the same technology developed for the Model S-1 and designed the Vega Model. Sales exceeded one million dollars by the end of 1928, and by April 1929, the company was building five aircraft per week. The Great Depression caused a decline in the market, and Detroit Aircraft Corporation, the majority shareholder, went bankrupt. A group of investors headed by Robert and Courtland Gross, and Walter Varney, bought the company out of receivership in 1932 for a mere $40,000. In 1934, Robert E. Gross was named chairman of the new company, the Lockheed Aircraft Corporation, which was headquartered in Burbank, California. By 1995, Lockheed had employed a total of 90,000 individuals.