With its U.S. business in the throes of sequestration, is ramping up its efforts to increase its share of the international aerospace and defense market.
As a result, the company is forming a new subsidiary, Lockheed Martin International (LMI), which will be charged with pushing the company’s products to the global market.
Unveiling the new organization in London on July 1, Lockheed Martin CEO Marillyn Hewson said LMI will help grow international sales from the current 17% of annual revenue to 20% over the “next few years.”
The LMI team will “be responsible for strengthening our global relationships and investing in new ones to ensure we meet our global customers’ diverse national security and economic development needs,” Hewson said.
Heading up LMI is Patrick Dewar, who was previously the company’s senior vice president of corporate strategy and business development. He said he was hopeful that in the next five years, almost half of new orders would be from international customers. He also said he expected greater interest in missile defense systems and the Littoral Combat Ship, as well as IT and cyber defense.
The new company will be jointly headquartered in London with regional offices in Ottawa, Riyadh, Abu Dhabi, Singapore, Canberra, Tel Aviv, New Delhi, Tokyo and Seoul.
Hewson said that as part of LMI’s creation, it will add another 400 jobs to the workforce of Lockheed Martin U.K.