Lockheed Martin boosts supply chain payments in COVID-19 relief

Lockheed Martin Corp. Chairman, President, and CEO Marillyn Hewson announced April 9, 2020, that Lockheed Martin is taking further steps to aid important supply chain businesses and will continue to support those on the front lines of the medical crisis.

From the beginning of the COVID-19 crisis, Lockheed Martin has been working with the U.S. Department of Defense (DOD) to identify ways to provide critical financial and other support to 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,” Hewson said.

“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,” Hewson added.

On April 3, 2020, Hewson announced Lockheed Martin would increase by another $53 million its initial $53 million in accelerated supply chain payments pledged March 27, 2020.

Lockheed Martin support to U.S. health care workers and first responders in the COVID-19 crisis includes offering its corporate jet fleet to the federal government's relief efforts and providing air transport of government medical teams to high-priority locations identified by the U.S. Department of Health and Human Services (HHS).

Lockheed Martin previously pledged $10 million in charitable contributions for COVID-19 relief and recovery efforts, allocating $6 million toward that goal:

• $2 million 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 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

In addition, the company has donated personal protective equipment (PPE) to local hospitals and initiated limited PPE and medical device production (face shields). It’s providing engineering support for select initiatives to accelerate production of PPE equipment.