Coronavirus: Lockheed Martin to advance US$50m in payments to its suppliers

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US aerospace and defence company Lockheed Martin is taking several measures in response to the ongoing coronavirus pandemic, including providing tens of millions of dollars to companies in its supply chain, charities and NGOs.

The company, which employs around 110,000 people around the world, said it will advance US50 million to small- and medium-sized businesses in its supply chain to ensure they have the financial means to continue to operate and sustain jobs during the pandemic.

It is also donating US$10 million to non-profit organizations involved in Covid-19 related relief and assistance, with emphasis on veterans and military families and activate a US$6.5 million employee disaster relief fund to assist Lockheed Martin employees and retirees impacted by Covid-19.

As well as these financial measures Lockheed Martin is to offer its engineering and technical capabilities to government to help solve “pressing challenges”. The company is also donating the use of our corporate aircraft and facilities vehicle fleet for relief logistical support and medical supply delivery.

In addition it is to continue recruiting and hiring employees during the pandemic through the use of “virtual technology and other techniques” during this crisis period.

In a statement Lockheed Martin’s chairman, president and CEO, Marillyn Hewson said, “Lockheed Martin understands that the shared effort to combat COVID-19 and recover from its effects will be a long-term one. We will continue to engage national, state, and local leaders to undertake additional measures as needed.
“And, throughout this crisis, Lockheed Martin remains committed to continuing to deliver critical capabilities for our nation and our allies, supporting job creation and economic recovery, and helping those in need wherever we operate.”

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Ben has worked as a journalist and editor, covering almost all aspects of technology, engineering and industry for the last 20 years. Initially writing about subjects from nuclear submarines to autonomous cars to future design and manufacturing technologies, he was editor of a leading UK-based engineering magazine before eventually becoming editor of Aerospace Testing in 2017.

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