Lockheed Martin [LMT] last Friday announced a number of initial steps it is taking to help the nation and its local communities in response to the coronavirus pandemic, including making advanced payments to its small and medium-size suppliers and offering technical help to government officials at all levels.
“At Lockheed Martin, we recognize that the rapid spread of COVID-19 and its wide-ranging impacts have caused severe disruption across society and tragic loss of life around the world,” Marillyn Hewson, the company’s chairman, president and CEO, said in a statement. “We also recognize that the global pandemic has created a need for urgent action by government, business, communities and citizens.”
One of the company’s actions is advancing more than $50 million to its small and medium-size supply chain partners to help keep them keep their workforce and continue operating, she said. Lockheed Martin is also donating $10 million to non-profit groups, particularly veterans and military families, helping with COVID-19 relief.
Lockheed Martin has also activated a $6.5 million disaster relief fund it has for its employees and retirees that may be impacted by the virus.
Hewson highlighted three priorities that are guiding the company’s response, the first being protecting the health and safety of its employees and their families. Second is continuing to execute for its customers given their national security missions and critical infrastructure security.
Third is bringing the companies capabilities and resources to bear to help the country and the communities it operates in. Along these lines, Hewson said the company will offer “engineering and technical capabilities” to help solve challenges at the federal, state and local levels.
Other steps the company is taking include donating its corporate aircraft and vehicles to help with logistical support and the delivery of medical supplies during the crisis, donating the use of its facilities for virus testing and storage of medical supplies, and continuing to recruit and hire talent using virtual technology to maintain social distancing.
“Lockheed Martin understand that the shared effort to combat COVID-19 and recover from its effects will be a long-term one,” Hewson said. “We will continue to engage national, state, and local leaders to undertake additional measures as needed.”