Lockheed Martin Corp. is expanding its efforts to assist its employees and supply-chain partners in the midst of a wider economic slowdown, caused by work stoppages implemented to contain the global Covid-19 pandemic. CEO Marillyn Hewson issued a statement listing several initiatives atop those announced earlier, led by a commitment to continue hiring to fill open positions related to its defense work.
"In addition to continuing to support our key government customers, we recognize that providing jobs during this period of economic downturn is also critically important," Hewson wrote. "We are committed to continue hiring during this crisis and have added close to 1,000 new employees over the past two weeks, in addition to advertising for 5,000 open positions."
The CEO also noted the group is doubling its advance payments to small- and medium-sized supply-chain partners to a total of more than $106 million, mindful of the problem of the slowdown on this industrial segment.
Further, Lockheed is extending awards of up to $500 to employees working at or traveling to Lockheed or customer sites during the Covid-19 "crisis."
Hewson added Lockheed is donating $2 million worth of personal protective equipment (PPE) items for first responders and health-care workers, and already has donated PPE to local hospitals, and initiated limited production of PPE and medical device production (face shields.)
"We are also providing engineering support for select initiatives to accelerate production of PPE equipment," the CEO added.
In late March the aerospace and defense group announced its initial advance of payments to small and medium-sized suppliers, and listed a series of steps to support non-profit organizations involved in pandemic-related relief and assistance, and made available various engineering and technical resources to federal, state, and local officials addressing "the most pressing challenges" following from the pandemic.