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  • Saturday, April 27, 2024

Lockheed Distributes Additional $300M to Help Subcontractors Weather COVID-19 Impact

Lockheed Martin (NYSE: LMT) has paid an additional $300M to its suppliers one week after accelerating $450M in supply chain payments meant to reduce the cororonavirus-related impact on the defense industry.

The company said Friday it met with almost 400 representatives from small businesses supporting the U.S. Navy  at a webinar to share information and resources that can help them manage operations amid the pandemic.

According to Lockheed, it also plans to add 12K to its workforce by the end of the year.

Other COVID-19 relief and response efforts by the company include donation of personal protective equipment to medical frontliners nationwide and corporate jet missions to the federal government.

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