Martin Marietta

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Martin Marietta Corporation
FateMerged with
Lockheed Corporation
Successor(s)Lockheed Martin
Founded1961
Defunct1995
HeadquartersBethesda, Maryland
 
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Martin Marietta Corporation
FateMerged with
Lockheed Corporation
Successor(s)Lockheed Martin
Founded1961
Defunct1995
HeadquartersBethesda, 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[edit]

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[edit]

References[edit]

  1. ^ "Advertisement: American-Marietta". Milwaukee Sentinel. September 24, 1957. p. 12-part 1. 
  2. ^ "Marietta, Martin eye consolidation". Milwaukee Sentinel. Associated Press. June 24, 1961. p. 9-part 2. 
  3. ^ "American-Marietta, Martin plan merger". Milwaukee Journal. June 24, 1961. p. 13. 
  4. ^ "Martin, Marietta approve merger". Milwaukee Sentinel. Associated Press. October 10, 1961. p. 8-part 2. 
  5. ^ "Bendix board rejects Martin Marietta offer". Palm Beach Post. Associated Press. September 1, 1982. p. A8. 
  6. ^ a b Oliver, Myrna (July 3, 2005). "Wall Street folk hero dies". Seattle Times. (Los Angeles Times). Retrieved February 12, 2013. 
  7. ^ Burns, Robert (September 23, 1982). "Allied Corp. enters the race to take over Bendix Corp.". Kentucky New Era (Hopkinsville, KY). Associated Press. p. 19. 
  8. ^ Burns, Robert (September 25, 1982). "Allied, Bendix, Marietta clinch deal". Free Lance-Star (Fredricksburg, VA). Associated Press. p. 9.