BETHESDA, Md., April 9, 2020 /PRNewswire/ -- Lockheed Martin is taking further steps to aid important supply chain businesses that help deliver national security for our nation and its allies, and will continue to support those on the front lines of the medical crisis impacting our local communities.

From the beginning of the COVID-19 crisis, Lockheed Martin has been working closely with the U.S. Department of Defense (DOD) to identify ways to provide critical financial and other support to the most vulnerable elements of the U.S. defense industrial base.  For the last three weeks, we have accelerated payments to our supply chain, and I am pleased to announce another $50 million this week bringing our total to $156 million.

In addition, thanks to the DOD's leadership and foresight in changing progress payment policy, we estimate that we will be able to flow down over $450 million in accelerated payments to our supply chain partners who are critical to supporting our economy and national security.

We are also taking steps to support our nation's health care workers and first responders on the front lines of this crisis. We offered our corporate jet fleet as an in-kind donation to the federal government's COVID-19 relief efforts. We are pleased to announce, working with the U.S. Department of Health and Human Services (HHS), we will provide air transport of government medical teams to the most critical, high-priority locations around the country.

As previously announced, we pledged $10 million in charitable contributions for COVID-19 relief and recovery efforts. We have allocated $6 million towards that goal:

  • $2 million has been donated to Project HOPE to help deliver personal protective equipment (PPE) to the Federal Emergency Management Agency (FEMA) for distribution to America's doctors, nurses, and first responders.  
  • $2 million to the American Red Cross to help deliver its lifesaving mission during the COVID-19 outbreak and Service to the Armed Forces supporting military personnel, veterans, and families.
  • $2 million to the CDC Foundation All of Us: Combat Coronavirus emergency response fund.

As we continue to face this unprecedented crisis, Lockheed Martin is driven by our commitment to the mission of our U.S. and allied customers. We will continue to maintain our operations for our men and women in uniform and we are resolved to find additional ways to contribute to the relief and recovery from COVID-19.

Marillyn Hewson
Chairman, President and CEO
Lockheed Martin Corporation

About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 110,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/statement-by-marillyn-hewson-on-further-steps-to-support-supply-chain--healthcare-workers-amidst-covid-19-crisis-301038483.html

SOURCE Lockheed Martin

Copyright 2020 PR Newswire

Lockheed Martin (NYSE:LMT)
Historical Stock Chart
From Jul 2020 to Aug 2020 Click Here for more Lockheed Martin Charts.
Lockheed Martin (NYSE:LMT)
Historical Stock Chart
From Aug 2019 to Aug 2020 Click Here for more Lockheed Martin Charts.