Martin Marietta
 | |
| Fate |
Merged with Lockheed Corporation |
|---|---|
| Successor(s) | Lockheed Martin |
| Founded | 1961 |
| Defunct | 1995 |
| Headquarters | Bethesda, Maryland |
The Martin Marietta Corporation was an American company founded in 1961 through the merger of Glenn L. 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.
History
Martin Marietta was formed in 1961 by the merger of the Glenn L. Martin Company and American-Marietta Corporation.
Martin was based in Baltimore and was primarily an aerospace concern with a recent focus on missiles, namely its Titan program. American-Marietta was headquartered in Chicago and produced paints, dyes, metallurgical products, construction materials, and other goods.[1][2][3][4]
In 1982, Martin Marietta was subject to a hostile takeover bid by the Bendix Corporation, headed by William Agee. 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).[5][6] Thomas G. Pownall, CEO of Martin Marietta, was successful and the end of this extraordinarily bitter battle saw Martin Marietta survive; Bendix was bought by Allied Corporation.[6][7][8]
Timeline
- 1961: Martin Marietta formed by merger of the Glenn L. Martin Company and American-Marietta Corporation
- 1969: Martin Marietta commissioned to build the Mark IV monorail used on the Walt Disney World Monorail System between 1971-1989.
- 1971: Martin Marietta loses landmark sex discrimination suit before the Supreme Court, in Phillips v. Martin Marietta Corp.
- 1975: Acquires Hoskyns Group (UK IT services company)
- 1982: Bendix Corporation's attempted takeover ends in its own sale to Allied Corporation; Martin Marietta survives.
- 1986: Wins contract to convert Titan II ICBMs into space launch vehicles. The Martin Company built the original ICBMs.
- 1987: Electronics & Missiles Group formed, headquartered in Orlando
- 1991: Electronics & Missiles Group reorganized into the Electronics, Information & Missiles Group
- 1993: Acquires GE Aerospace for 3 billion USD, 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 Laboratories.
- 1993: Acquires General Dynamics' space systems unit.
- 1994: Martin Marietta completed its initial public offering of 19% of the common stock of Martin Marietta Materials, which is listed on the New York Stock Exchange as MLM.
- 1995: Martin Marietta merged with Lockheed Corporation to form Lockheed Martin
- 1996: Lockheed Martin splits off Martin Marietta Materials as a separate and independent entity.
References
- ↑ "Advertisement: American-Marietta". Milwaukee Sentinel. September 24, 1957. p. 12-part 1.
- ↑ "Marietta, Martin eye consolidation". Milwaukee Sentinel. Associated Press. June 24, 1961. p. 9-part 2.
- ↑ "American-Marietta, Martin plan merger". Milwaukee Journal. June 24, 1961. p. 13.
- ↑ "Martin, Marietta approve merger". Milwaukee Sentinel. Associated Press. October 10, 1961. p. 8-part 2.
- ↑ "Bendix board rejects Martin Marietta offer". Palm Beach Post. Associated Press. September 1, 1982. p. A8.
- ↑ 6.0 6.1 Oliver, Myrna (July 3, 2005). "Wall Street folk hero dies". Seattle Times. (Los Angeles Times). Retrieved February 12, 2013.
- ↑ Burns, Robert (September 23, 1982). "Allied Corp. enters the race to take over Bendix Corp.". Kentucky New Era (Hopkinsville, KY). Associated Press. p. 19.
- ↑ Burns, Robert (September 25, 1982). "Allied, Bendix, Marietta clinch deal". Free Lance-Star (Fredericksburg, VA). Associated Press. p. 9.
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