Lockheed Martin’s Stevens Urges Congress To Pass FY2011 Defense Appropriations Bill

BETHESDA, Md., 02/07/2011 --

Lockheed Martin [NYSE:LMT] Chairman and CEO Bob Stevens joined defense industry and association leaders in urging Congress to pass a fiscal year 2011 defense appropriations bill in lieu of funding national security programs through a full-year continuing resolution (CR) at fiscal year 2010 levels.

"We strongly support Defense Secretary Gates' recommendation to pass a full FY2011 defense appropriations bill to avoid unnecessary risk to our national security," said Stevens. "Without appropriate full-year funding decisions on national security programs, we will face costly schedule delays and breaks in production that will increase overall program costs and interrupt the delivery of critical equipment to warfighters."

Stevens and 13 other defense industry CEOs sent a letter to Congressional leaders today requesting their support for passing an omnibus national security appropriations bill for FY2011 as opposed to a full-year CR set at FY2010 levels. The letter says that failure to pass a defense appropriations bill will lead to program dislocations, funding interruptions, and adverse consequences on U.S. employment this year and for many years to come.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 132,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.