Lockheed Martin Deep Dive Report - Mar 2015

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Key Risk Analysis shows our risk outlook on the stock. Hence, it is possible that a stock may have a rating of AAA, for example,
while there are still material risks it faces to that rating, that could potentially lower the rating in the future. These material risks
are highlighted in this section.
LOCKHEED MARTIN CORP [Lockheed Martin]
INDUSTRY: AEROSPACE & DEFENSE • COUNTRY: UNITED STATES OF AMERICA
RIC: LMT.N • ISIN: US5398301094 • SEDOL: 2522096
SUMMARY
BUSINESS DESCRIPTION
Lockheed Martin Corporation is a global security and aerospace
company, which is principally engaged in the research, design,
development, manufacture, integration and sustainment of
advanced technology systems, products and services. The
company operates in five business segments based on the
nature of the products and services offered, such as
Aeronautics, Information Systems & Global Solutions, Missiles
and Fire Control, Mission Systems and Training and Space
Systems. The company provides a range of management,
engineering, technical, scientific, logistic, and information
services. The company`s main areas of focus are in defense,
space, intelligence, homeland security, and information
technology, including cyber security. The company serves both
domestic and international customers with products and
services that have defense, civil, and commercial applications,
with its principal customers being agencies of the United States
Government.
KEY RISK ANALYSIS1
SIGNIFICANT RISKS BASED ON STAKEHOLDER INPUTS & PERFORMANCE
ANALYSIS
Lockheed Martin faces significant risks owing to alleged
violation of human rights, business conduct and labor laws.
It has been accused of assisting repressive regimes worldwide
by supplying weapons used in war crimes. It has faced multiple
protests in the past three years by activists around the world in
this regard. Pacific Life Community activists held a
demonstration at its plant in California, US in March 2015, anti-
war and pro-Palestinian activists protested in Australia in 2014,

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whereas anti-arms trade protesters from Stop the Arms Fair
coalition opposed the company’s trade in 2013. This poses
governance risks to the company and necessitates a need of
policy on operations in sensitive countries.
It was also accused of monopolizing the launch services for
certain satellites in 2013 and violating the US Antitrust fair
competition laws. In another case in 2012, a fraud lawsuit was
filed against the company by a former employee claiming that
the company used defective testing procedures and
fraudulently underbid a USD 432.7 million contract with the US
Air Force. This reflects poorly on its compliance systems to
address fraud and anti-competitive practices and poses
governance and subsequent financial risks to the company.
On the social front, there are various incidents related to violation of wage laws with the company
mismanaging employees’ 401(k) retirement plan, which resulted in a cumulative fine of USD 72 million in
the last two years. This undermines its efforts to promote labor relations and poses operational risks due
to the various strikes arranged by the employees.
SUSTAINABILITY POLICY ASSESSMENT
ASSESSMENT OF COMPANY'S POLICIES & DISCLOSURES
The policies of Lockheed Martin over ESG parameters have been satisfactory. The company publishes the
Sustainability Report separately. Overall, the company’s disclosure of information has been moderate.
Policies on Environment, Social, and Governance parameters have been satisfactory, satisfactory, and
satisfactory respectively.

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The company has published an
environmental policy that covers features
like Control of the environmental impact,
Compliance with environmental legislation
in place, and Development of
environmentally friendly products and
services. Regarding global warming,
Lockheed Martin has taken initiatives to
reduce energy and water consumption
along with GHG emissions. An
Environmental Management System is
implemented and is ISO 14001 certified. The
environmental aspect is reflected in the
products/services offered by Lockheed
Martin and a procurement system is in
place to ensure minimum environmental
impact. No monetary fines were applied to
the company during the year and there
were no cases of environmental
litigations/law suits.
Lockheed Martin has a labor policy in place
which includes health and safety of
employees, freedom of association, non-
discrimination among employees and also
refrains from promoting child labor or
forced labor. Labor unions are present in
the company, representing their members
in disputes with management over
violations of contract provisions. Employees
are covered by collective bargaining
agreements. Monitoring health and safety
of the employees is ensured through
detailed procedures and the company has
obtained the OHSAS 18001 certification.
Training programs on health and safety
aspects were conducted. On the Human
Rights aspect, Lockheed Martin has a policy
in place with no further details. A good
working relationship with the community is

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ensured through dialogue with community
members and their representatives on a
regular basis. There is a supplier policy
statement that covers labor issues and
human rights standards for contractors.
Regular dialogue with suppliers is carried
out and training and development programs
to ensure compliance of labor policies for
suppliers are put in place.
Regarding Board effectiveness, there are 12
directors of whom 11 are independent.
Same person has the role of chairman and
CEO, which is not best a good practice. It is
transparent in its disclosure of
remuneration of the board and the top
management. However, variable
remuneration of top executives is linked to
sustainability performance. The company
has established a policy on bribery and
corruption as well as on competition.
Reporting violations of the code of conduct
can be done using several channels which
are open 24/7. Lockheed Martin is
transparent regarding key decisions in
which the shareholders are entitled to vote
and gives details of engagement
mechanisms. The company is involved in
political contributions but it gives no details
of engagement mechanisms.

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COMPANY DISCLOSURE
ANALYSIS OF COMPANY’S INVOLVEMENT IN CONTROVERSIAL NEWS IN LAST
ONE YEAR

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INSIGHTS
RESEARCH INSIGHTS
Strengths
 Robust Safety Management System: A series of training sessions is conducted to ensure health
and safety of employees. Some of its sites are certified with OHSAS 18001. It has a safety
committee to identify potential hazards, develop solutions, and implement corrective actions.
The company has also developed a formal enterprise process to identify chemicals used in its
products and processes that may be substituted with less hazardous alternatives. Additionally, it
conducts frequent safety audits for its sites and contractors to ensure compliance with its health
and safety program. All these measures have resulted in the reduction of injury rate by 16% in
the last two years and the company has achieved its internal safety targets.
 Sustainable Supply Chain: It has a supplier policy which addresses labor issues and human rights
standards. It regularly communicates with its supply base to ensure awareness of critical topics,
such as sequestration and new regulations. The company aims to be transparent through
mechanisms such as its supplier web page, email updates and mailing of critical information. Its
supplier code provides norms on anti-corruption, human rights, labor practices, environment,
information protection and management systems. It also does a risk assessment of governance,
labor and other sustainability-related issues of suppliers and takes appropriate steps to mitigate
the risk of human trafficking and slavery from occurring in its supply chain.
 Environmental Sustainability: It drives ecological sustainability in every dimension through
carbon consumption foot print reduction, positive water balance, sustainable waste management
and preserving bio diversity. The concerted use of renewable energy and other energy reduction
mechanisms have enabled the company to reduce its ratio of GHG emissions to revenue by 36%
in 2013, compared to 2009. It targets to reduce its facility energy as well as water use by
25%each by 2020, compared to 2010. Its Environmental Management System is ISO 14001 and it
conducts regular audits to ensure that its suppliers are in compliance with its green procurement
practices.
 Effective Board Structure: It has an effective Board structure with eleven out of twelve members
being independent. However, there is no separation in the roles and responsibilities of CEO and
Chairman, which could pose a threat to the unbiased functioning of the Board. Additionally, all
the members of the Board committees are completely independent. This enhances the
independent decision-making capacity of the committees. Board’s remuneration is dependent on
financial as well as non-financial parameters of the company such as carbon emissions and
energy performance. It has disclosed about the tenure and election procedure of the Board.

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Weaknesses
 Operations in Disputed Regions: There have been concerns over its operations in disputed
region, with reports of its weapons being used by repressive regimes worldwide. In March 2015,
Pacific Life Community activists held a demonstration at its plant in California, US, protesting
against nuclear and other weapons systems manufactured by the company. In September 2014,
anti-war and pro-Palestinian activists protested against Australia's military campaign in the
Middle East and the government’s decision to acquire a fleet of F35 aircraft from Lockheed
Martin, while sacrificing the community’s medical system. They claimed Lockheed generated and
exploited war markets by assisting military campaigns and was responsible for the death of the
Palestinian people in military assaults by the Israeli Defense Force. Again in September 2013,
anti-arms trade protesters from Stop the Arms Fair coalition accused Lockheed of supplying
weapons used in war crimes around the world, including cluster munitions and Trident nuclear
weapons systems. All these incidents question its responsibility towards human rights protection
and poses severe governance and subsequent financial risks for the company. Moreover, it lacks
a policy with respect to operations in sensitive countries.
 Business Conduct Risks: There have been multiple cases of violation of business conduct where
the company was involved in anti-competitive practices and fraud. In June 2013, Orbital Science
Corp. filed an antitrust lawsuit in US against United Launch Alliance (ULA), a joint venture of
Lockheed Martin and Boeing, claiming that they violated the US Antitrust fair competition laws.
The suit claimed that ULA blocked open market sale of RD-180 engines for its Antares Rocket and
monopolized the launch services for certain satellites. In another case in 2012, a fraud lawsuit
was filed against the company by a former employee claiming that the company used defective
testing procedures and fraudulently underbid a USD 432.7 million contract with the US Air Force.
Additionally, there was a case of patent infringement where its subsidiary Savi Technology Inc
was involved in the year 2012. Although there are polices and systems in place to address fraud,
bribery & corruption and competition, all these incidents reflect a failure of these systems and
pose severe governance and financial risks for the company. This necessitates a need of stringent
compliance measures in place.
 Violating Labor Laws: There have been multiple complaints of unfair labor practices and violation
of labor laws by the company in the last three years, thereby undermining its efforts to promote
labor relations. In January 2015, the US Department of Labor announced that Lockheed Martin
agreed to pay USD 201,000 in back wages to 18 workers to settle allegations that it violated wage
laws. Furthermore, a class action suit representing 108,000 employees and accusing the company
of mismanaging employees’ 401(k) retirement plan resulted in a fine of USD 62 million in 2014.
There were various protests in US regarding this, which resulted in operational and financial
losses for the company. Additionally, in February 2013, Lockheed Martin Corp. announced that it
settled the Pontiac employee retirement system lawsuit for USD 19.5 million. This reflects that
the company does not maintain a fair and equitable environment for its employees, thereby
posing a risk to its labor-management relations.

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QUESTIONS FOR SHAREHOLDER ENGAGEMENT
Our analysis on the performance of Lockheed Martin and their management of ESG issues brings to light
several factors on which stakeholders should seek explanation from the company management.
 It has been accused of assisting repressive regimes worldwide by supplying weapons used in war
crimes. What is the company’s take on operating and trading with sensitive countries?
 Despite having a policy on competition and bribery and corruption, there have been multiple
instances of fraud and anti-competitive practices reported in the last three years. It was also
accused of monopolizing the launch services for certain satellites in 2013 and violating the US
Antitrust fair competition laws. What measures are taken by the company to ensure
transparency and stringent compliance of business conduct norms?
 There have been multiple complaints of unfair labor practices as the company was mismanaging
employees’ 401(k) retirement plan, which led to multiple strikes. What steps have been taken by
the company to improve its labor-management relations?

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KEY PERFORMANCE INDICATORS – INDUSTRY SPECIFIC

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POLICY OVERVIEW
Description Disclosure Level
Environmental policy SATISFACTORY
Labor Policies GOOD
Policy on Human Rights SATISFACTORY
Supplier Policy GOOD
Policy on bribery & corruption GOOD
Policy on Insider trading GOOD
Policy on Competition GOOD
Policy on Conflicts of Interest GOOD
Policy on Money laundering
Policy on Responsible Marketing POOR / NOT AVAILABLE
WhistleBlower Mechanism GOOD

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ANALYSIS OF CONTROVERSIAL NEWS ON THE COMPANY

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BUSINESS INFORMATION
GENERAL BUSINESS DESCRIPTION OF THE COMPANY ALONG WITH DESCRIPTION ON ITS AREAS OF OPERATIONS AND PRODUCTS &
SERVICES
Lockheed Martin Corporation is a global security and aerospace company, which is principally engaged in
the research, design, development, manufacture, integration and sustainment of advanced technology
systems, products and services. The company operates in five business segments based on the nature of
the products and services offered, such as Aeronautics, Information Systems & Global Solutions, Missiles
and Fire Control, Mission Systems and Training and Space Systems. The company provides a range of
management, engineering, technical, scientific, logistic, and information services. The company`s main
areas of focus are in defense, space, intelligence, homeland security, and information technology,
including cyber security. The company serves both domestic and international customers with products
and services that have defense, civil, and commercial applications, with its principal customers being
agencies of the United States Government.
MERGERS & ACQUISITIONS
MAJOR MERGERS OR ACQUISITIONS DONE BY THE COMPANY
On December 1, 2014, Lockheed Martin finalized the purchase of Systems Made Simple. This acquisition
aligns with the company's business strategy by augmenting its existing government health IT capabilities.
On August 22, 2014 – Lockheed Martin has completed the acquisition of the assets of the Astrotech
Space Operations business of Astrotech Corporation.
On August 18, 2014 – Lockheed Martin has completed the acquisition of Zeta Associates, Inc.
The company paid $269 million and $259 million in 2013 and 2012 for acquisition activities, primarily
related to the acquisition of businesses. In 2013, the company acquired Amor Group, a United Kingdom-
based company specializing in information technology, civil government services, and the energy market.
This acquisition is aligned with its strategy to grow international sales and has been included in the
IS&GS business segment.
In 2012, Lockheed Martin acquired Chandler/May, Inc. (Chandler/May), CDL Systems Ltd. (CDL), and
Procerus Technologies, L.C. (Procerus). These companies specialize in the design, development,
manufacturing, control, and support of advanced unmanned systems, which expand the
company'sofferings in support of its customers’ increased emphasis on advanced unmanned systems
and are consistent with the company's strategy to maintain a portfolio of advanced technology options.
These companies are part of Lockheed Martin's MST business segment where they have been integrated
into the portfolio of unmanned systems and technologies to align their product and service offerings to
the U.S. Army.

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In 2011, Lockheed Martin paid $624 million for acquisition activities, primarily related to the acquisitions
of QTC Holdings Inc. (QTC) and Sim-Industries B.V. (Sim-Industries). QTC provides outsourced medical
evaluation services to the U.S. Government and has been included within the company's IS&GS business
segment. Sim-Industries designs, develops, and manufactures full-motion and fixed-based civil aviation
flight simulators for a wide range of airline customers and independent pilot training centers worldwide
and is part of Lockheed Martin's MST business segment.
In pursuing its business strategies, Lockheed Martin has also divested certain businesses over the past
three years. Recent divestitures consisted of Savi Technology, Inc. (Savi) in 2012 and Pacific Architects
and Engineers, Inc. (PAE) in 2011.

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SOURCE LIST
SECTION: BUSINESS INFORMATION
1. Google Finance as of March 4, 2015
2. Company website as of March 4, 2015
3. Annual Report 2013
SECTION: ENVIRONMENT
2. Code of Ethics and Business Conduct 2014
4. Sustainability Report 2013
6. CDP 2013
7. CDP 2012
8. CDP Water Disclosure 2013
9. GRI Index 2013
10. Supplier Code of Conduct
SECTION: SOCIAL
11. Contractor Environment Safety & Health
Handbook 2008
12. Supplier Code of Conduct
SECTION: GOVERNANCE
3. Annual Meeting of Stockholders - Voting Results
2014
4. Proxy Statement 2014
11. CDP 2013
12. Corporate Governance Guidelines
13. Bylaws as of January 24, 2013

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All controversial news related to the company

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COMPANY’S INVOLVEMENT IN CONTROVERSIAL NEWS
Anti-nuclear weapons activists protest at Lockheed Martin plant in California
March 03, 2015 | The Nuclear Resister
On March 2, 2015, Pacific Life Community activists held a demonstration at Lockheed Martin Corp plant
in Sunnyvale, California, US, protesting against nuclear weapons and other weapons systems
manufactured by the company. They claimed Lockheed weapons were used by repressive regimes
worldwide.
Lockheed Martin settles lawsuit over retirement plan for $62 million
February 20, 2015 | Reuters
On February 20, 2015, it was reported that Lockheed Martin Corp agreed to pay USD 62 million to settle
a lawsuit that accused the company of mismanaging employees’ 401(k) retirement plan. According to
court documents, more than 108,000 employees were represented in the lawsuit. || On December 16,
2014, Lockheed Martin Corp settled a USD 1.3 billion class action lawsuit over retirement plans, before
the trial began. The lawsuit accused the company of failing to justly refund 120,000 retirees and
employees who were part of its 401(k) retirement plan. According to the lawsuit filed in 2006, Lockheed
Martin mismanaged the retirement plans and applied excessive administrative fees, which resulted in a
loss of around USD 1.3 billion for the employees.
Lockheed Martin reaches settlement over wage violations
January 20, 2015 | The Press Democrat
On January 20, 2015, the US Department of Labor announced that Lockheed Martin Corp agreed to pay
USD 201,000 in back wages to 18 workers to settle allegations that it violated wage laws. An
investigation conducted by the department’s Wage and Hour Division revealed that Lockheed Martin’s
employees at the Coast Guard facility near Petaluma, California, were underpaid as a result of
misclassification by the company. The department said the company improperly classified technical
instructors in violation of the federal Service Contract Act.
Lockheed Martin unit fined USD 27.5 million for overbilling Pentagon
December 22, 2014 | Government Executive
On December 19, 2014, Lockheed Martin Integrated Systems (LMIS), a unit of Lockheed Martin Corp,
settled violations of the False Claims Act for USD 27.5 million. The US Justice Department announced
that LMIS overcharged the Pentagon for services provided by employees with inadequate job
qualifications, but whose work was billed at the rate for qualified ones in order to enhance its profits.

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Lockheed Martin settles USD 1.3 billion class action lawsuit over retirement plans
December 17, 2014 | Orlando Sentinel
On December 16, 2014, Lockheed Martin Corp settled a USD 1.3 billion class action lawsuit over
retirement plans, before the trial began. The lawsuit accused the company of failing to justly refund
120,000 retirees and employees who were part of its 401(k) retirement plans. According to the lawsuit
filed in 2006, Lockheed Martin mismanaged the retirement plans and applied excessive administrative
fees, which resulted in a loss of around USD 1.3 billion for the employees.
Australian anti-war activists protest at Lockheed Martin facility
September 26, 2014 | Popular Resistance News
On September 26, 2014, anti-war and pro-Palestinian activists locked down access gates at Lockheed
Martin Corp's facility in Melbourne, Australia, to protest against Australia's military campaign in the
Middle East and the government’s decision to acquire a fleet of F35 aircraft from Lockheed Martin, while
sacrificing the community medical system. They claimed Lockheed generated and exploited war markets
by assisting military campaigns and it was responsible for the death of the Palestinian people in military
assaults by the Israeli Defense Force.
SpaceX against ULA case might go to mediation
July 28, 2014 | BZ Journals
On July 28, 2014, it was reported that the Space Exploration Technologies Corp (SpaceX)'s case over a
contract against United Launch Alliance (ULA), joint venture of Boeing Co/The and Lockheed Martin
Corp, was not dismissed and could head to mediation.
Pentagon grounds Lockheed Martin’s F-35 fighter jets over engine problems
June 16, 2014 | The Wall Street Journal
On June 13, 2014, a fleet of F-35 fighter jets, built by Lockheed Martin Corp, was temporarily grounded
by the Pentagon, US, due to engine problems. The jets were grounded for the inspection of the oil flow
management valve fitting inside the F-35 engines manufactured by Pratt & Whitney, a unit of United
Technologies Corp. On June 10, 2014, one of the jets made an emergency landing after it suffered an
engine oil leak.
Lockheed Martin lays off 110 employees at Bluegrass Station
June 03, 2014 | Kentucky.com
On June 3, 2014, Lockheed Martin Corp announced a layoff of 110 employees at its Bluegrass Station
facility in Lexington, Kentucky, US, due to the end of a Special Operations Forces aircraft contract. The
company spokesperson said it was a business decision to ensure appropriate staffing levels as
requirements on aviation task orders transitioned from aircraft production to aircraft sustainment.

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Lockheed Martin machinists strike at Stennis Space Center over pensions
May 16, 2014 | The Washington Times
On May 16, 2014, 116 Lockheed Martin Corp employees went on strike at Stennis Space Center near Bay
Saint Louis, Mississippi, US, to protest over pensions. The machinist union launched a picketing campaign
after negotiations with Lockheed to save their retirement plan failed. The company spokesman said
Lockheed Martin offered an outstanding proposal that was fair and equitable for employees while
maintaining company’s ability to deliver to its customers.
ULA accused of unfairly blocking SpaceX from military missions
April 29, 2014 | CBS News
On April 25, 2014, SpaceX’s CEO Elon Musk filed a legal complaint in the US Court of Federal Appeals
against United Launch Alliance (ULA), a partnership between The Boeing Co and Lockheed Martin Corp,
alleging the company was unfairly blocking SpaceX from competing for lucrative military missions. ULA
had a five-year sole-source Air Force “block buy” contract for 27 rockets valued at around USD 11 billion.
SpaceX insisted it was qualified to compete for military contracts and could have saved the country
billions of dollars annually. The company also stated that ULA relied on a Russian RD-180 first-stage
engine that was sending millions of dollars to an entity controlled by Russia, putting national security at
risk.
Update: Court rejects motions of ULA, RD AMROSS to dismiss Orbital antitrust lawsuit
December 10, 2013 | Space News
On December 6, 2013, the US District Court for the Eastern District of Virginia in Alexandria denied the
motions brought by United Launch Alliance (ULA), a joint venture of Lockheed Martin Corp and The
Boeing Co, and RD AMROSS, a joint venture of United Technologies Corp and NPO Energomash, to
dismiss an antitrust lawsuit filed by Orbital Science Corp over the RD-180 rocket engine. The companies
claimed that Orbital had no case under the US antitrust laws because it had viable alternatives to the RD-
180. They added that the RD-180 could not be sold to any company but ULA without approval of the
Russian government, over which the US court had no jurisdiction. || On June 20, 2013, Orbital Science
Corp. filed an antitrust lawsuit in the US District Court of Alexandria, Virginia, US against United Launch
Alliance (ULA), a joint venture of Lockheed Martin Corp and The Boeing Co claiming that they violated
the US Antitrust fair competition laws. The suit claimed that ULA blocked open market sale of RD-180
engines for its Antares Rocket. Orbital accused ULA of monopolizing the launch services for certain
satellites in violation of US Antitrust Laws. It is alleged that Lockheed Martin and Boeing had an
agreement with RD AMROSS that permitted RD-180 to be sold only to ULA and Orbital said the
agreement violated US Sherman Antitrust Act and alleged it as a monopolization of medium class
payload missions. Orbital considers RD-180 as a replacement to the AJ-26 for its Antares rocket’s first
stage. A compensation of USD 515 million was demanded in damages for the violation. The agreement
had been under investigation by the US Federal Trade Commission from April 2012.

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Court slaps USD 24.8 million in damages on Lockheed Martin over F-16 software competition
November 26, 2013 | Law360
On November 25, 2013, a court in Maryland, US, ordered Lockheed Martin Corp to pay USD 24.8 million
in damages to Command Technology Inc for allegedly interfering with the company’s efforts to sell
competing technical maintenance software for F-16 jet fighters resold to American allies. The lawsuit
alleged that Lockheed Martin sought to lock up the market for maintenance software for the jet fighters,
which it manufactures, and it falsely claimed that Command Technology's software did not comply with
government standards.
Update: Lockheed Martin cuts 4000 jobs
November 14, 2013 | Reuters
On November 14, 2013, Lockheed Martin Corp. said it was cutting 4,000 jobs (about 3.5% of its global
workforce) due to a slowdown in business due to sequestration. The defense contractor also said it was
closing plants in Newtown, Pennsylvania; Akron, Ohio; Horizon City, Texas; and Goodyear, Arizona, in US,
by 2015, and consolidating several of its US facilities in an effort to increase the efficiency of its
operations and make its products more affordable. || On October 10, 2013, it was announced that URS
Corp. furloughed about 3,000 workers due to the US government shutdown. Also, BAE Systems
furloughed 1,200 employees from its intelligence & security and support business. Lockheed Martin
Corp. also furloughed about 2,400 employees who were working at government facilities that were
closed.
Update: Lockheed Martin to lay off 600 more employees in mission systems, training division
October 16, 2013 | Reuters
On October 10, 2013, Lockheed Martin Corp announced that it would lay off about 600 employees in its
Mission Systems and Training division that includes its campus at Electronics Park in Salina due to
challenging business environment and uncertain program funding. || On July 15, 2013, Lockheed Martin
Corp announced it would lay off 300 employees from its Mission Systems and Training business in US
with a current number of 18,000. The company’s officials stated that the job cuts were “necessary to
address current business realities, including uncertain program funding, a delay in contract
announcements and an extremely competitive market.”
URS Corp., BAE Systems and Lockheed Martin furloughs employees due to US government shutdows
October 10, 2013 | Reuters
On October 10, 2013, it was announced that URS Corp. furloughed about 3,000 workers due to the US
government shutdown. Also, BAE Systems furloughed 1,200 employees from its intelligence & security
and support business. Lockheed Martin Corp. also furloughed about 2,400 employees who were working
at government facilities that were closed.

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BAE Systems cuts 140 jobs in Sealy
September 12, 2013 | The Houston Chronicle
On September 12, 2013, BAE Systems Plc., a subsidiary of Lockheed Martin Corp., announced dismissing
about 140 employees from its operations in Sealy, US, by the end of 2013. BAE Systems attributed the
need for the cuts to a downturn in defense spending and a decrease in the company's tactical wheeled
vehicle business.
Anti-arms trade activists protest at Lockheed Martin's offices in London
September 09, 2013 | The Telegraph
On September 9, 2013, anti-arms trade protesters from Stop the Arms Fair coalition locked themselves
to the front and rear entrances of Lockheed Martin Corp headquarters in London, UK, as part of an
action against the Defense & Security Equipment International arms fair. They accused Lockheed of
supplying weapons used in war crimes around the world, including cluster munitions and Trident nuclear
weapons systems.
Appeals court grants class action against Lockheed Martin over retirement plan
August 08, 2013 | Law 360
On August 7, 2013, the US Court of Appeals for the Seventh Circuit reversed a trial court's order denying
class certification to participants in two Lockheed Martin Corp retirement plans. The plaintiffs filed a
lawsuit in 2006 and a lower court partially granted class certification in 2009, but the class certification
order was eventually vacated and remanded. The lawsuit alleged Lockheed Martin imprudently managed
the investment of its 401(k) retirement plans, causing a loss of USD 293 million.
Lockheed Martin cuts 367 positions in US
August 02, 2013 | Associated Press
On August 1, 2013, Lockheed Martin Corp announced it would dismiss 367 employees in US due to the
defense budget uncertainty, a delay in awarding contracts and a competitive market. The affected
positions were in engineering, program management and other disciplines across Mission Systems and
Training. The job cuts would take effect until August 15, 2013. Out of the announced layoffs, 150
positions would be cut from Moorestown, New Jersey, facility, 114 employees from Lockheed’s campus
at Electronics Park in Salina, Kansa, US and 25 would be laid off in Owego in Tioga County, New York, US.
Lockheed Martin lays off 300 in US
July 15, 2013 | Business Journals
On July 15, 2013, Lockheed Martin Corp announced it would lay off 300 employees from its Mission
Systems and Training business in US with a current number of 18,000. The company’s officials stated that
the job cuts were “necessary to address current business realities, including uncertain program funding,
a delay in contract announcements and an extremely competitive market”.

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Lockheed Martin jet crashes off Gaza Coast
July 07, 2013 | The Times of Israel
On July 7, 2013, an Israeli Air Force F-16I jet plane manufactured by Lockheed Martin Corp. crashed into
the Mediterranean Sea off the Gaza Coast during a routine flight. The pilot and navigator succeeded to
eject safely from the aircraft before it crashed. The cause of the crash is expected to be the use of
malfunctioned engine in the jet. The Israeli Air Force grounded its F-16I and F-15I fleet and opened an
official investigation into the crash.
Orbital sues Lockheed Martin- Boeing venture ULA over anti-competitiveness in the sale of RD-180
June 24, 2013 | Law 368
On June 20, 2013, Orbital Science Corp. filed an antitrust lawsuit in the US District Court of Alexandria,
Virginia, US against United Launch Alliance (ULA), a joint venture of Lockheed Martin and Boeing
claiming that they violated the US Antitrust fair competition laws. The suit claimed that ULA blocked
open market sale of RD-180 engines for its Antares Rocket. Orbital accused ULA of monopolizing the
launch services for certain satellites in violation of US Antitrust Laws. It is alleged that Lockheed Martin
and Boeing had an agreement with RD AMROSS that permitted RD-180 to be sold only to ULA and
Orbital said the agreement violated US Sherman Antitrust Act and alleged it as a monopolization of
medium class payload missions. Orbital considers RD-180 as a replacement to the AJ-26 for its Antares
rocket’s first stage. A compensation of USD 515 million was demanded in damages for the violation. The
agreement had been under investigation by the US Federal Trade Commission from April 2012.
FTC investigates Lockheed-Boeing rocket venture over alleged antitrust laws violations
June 13, 2013 | Reuters
On June 13, 2013, the Federal Trade Commission, US, started a probe on United Launch Alliance (ULA), a
joint venture of Lockheed Martin Corp and Boeing Co. The objective of the investigation was to
determine whether the two companies violated antitrust laws through an exclusivity agreement with the
maker of engines used in its rockets. According to industry sources, ULA was preventing RD Amross (the
maker of RD-180 engines for ULA rockets) from selling the engines to other rocket makers, including
Orbital Sciences Corp, which was trying to enter the market for government rocket launches. In 2006,
Lockheed and Boeing formed the ULA joint venture arguing that there was not enough demand for
heavy lift rocket launch services to support two competitors since the commercial demand.
Court upholds decision against Lockheed Martin in whistleblower suit
June 04, 2013 | The Gazette
On June 4, 2013, the US Court of Appeals for the Tenth Circuit, Denver, upheld a previous decision by a
federal administrative law judge in Washington against Lockheed Martin Corp in a whistleblower lawsuit.
In May 2008, a former employee of Lockheed filed a suit against it under the whistleblower provisions of
the Sarbanes-Oxley Act, claiming she felt forced to resign when her working conditions deteriorated
after she reported her manager violated several conditions of company's pen pal program that allowed
Lockheed Martin employees to correspond with US soldiers in Iraq. In 2010, she was awarded lost pay

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and benefits and USD 75,000 for emotional pain she suffered, plus attorney fees. She also won
reinstatement at Lockheed Martin. The appeals court ruled that she could receive compensation from
the company if there was no longer an appropriate position for her at Lockheed.
Lockheed Martin’s unit in Gaithersburg (US) cuts more than 650 employees
April 23, 2013 | Washington Post
On April 23, 2013, Lockheed Martin officials declared that the company’s unit in Gaithersburg (Maryland,
US) cut more than 650 employees in the first quarter of the year 2013. About 240 employees left the
company through a voluntary layoff program after the company offered a voluntary layoff initiative to
about 4,000 mid-level managers in February 2013. Furthermore, 400 employees in the information
systems unit were trimmed involuntarily. The 650 employees reduction included all levels of employees.
Lockheed Martin must pay more than USD 2.3 million in fees in FCA lawsuit
April 01, 2013 | Law 360
On March 31, 2013, a federal judge from Texas, US, upheld the previous ruling and criticized Lockheed
Martin Corp. and two whistleblowers for quarreling over attorneys' fees a year after it settled a False
Claims Act lawsuit for USD 15.8 million. Since March 2012, Lockheed Martin Corp. sought to reduce the
award of USD 1.8 million in attorneys' fees and USD 551,000 in legal costs. Lockheed Martin Corp. was
accused of being reckless in its oversight of subcontractor Tools & Metals Inc. (TMI) and mishandling
information revealing TMI's charging practices. TMI's former CEO was sentenced to seven years in
prison. The judge found that the agreement between Lockheed Martin Corp. and TMI for tools for the
manufacture of the F-22 and F-35 fighter jets was a cost-plus-percentage-of-cost contract, which
violated federal rules.
Lockheed Martin Corp. settles lawsuit for USD 19.5 million
February 22, 2013 | Legal News
On February 19, 2013, Lockheed Martin Corp. announced that it settled the Pontiac employee
retirement system lawsuit for USD 19.5 million. Although it denied the allegations, the company said
that it settled because of the cost and uncertainty of going to trial. In July 2011, the Pontiac employee
retirement system, representing investors who bought Lockheed Martin Corp. stock between April and
July 2009, filed a lawsuit with the US District Court in New York against Lockheed Martin Corp. and top
executives, claiming that the company misled investors about its financial results for the first quarter of
2009.
Lockheed Martin Aeronautics cuts 150 jobs in Fort Worth, US
January 16, 2013 | Star Telegram
On January 16, 2013, Lockheed Martin Aeronautics cut 150 jobs in Fort Worth, US. The company
spokesperson said that this is company's normal process to continually adjust our workforce based on
program and business requirements. The spokesperson also said the the lay-offs were dictated by the
union contracts.

26
Lockheed Martin executive fired over ethics violation
November 09, 2012 | The New York Times
On November 9, 2012, Lockheed Martin Corp's incoming chief executive was dismissed after an
investigation by outside lawyers revealed that he had had an improper relationship with a subordinate.
The executive, who was married, had been involved in a long-standing relationship with a female
employee, violating company's code of ethics and business conduct.
Boeing and Lockheed Martin reach settlement in wrongful death lawsuit
August 14, 2012 | ABC News
On August 14, 2012, Boeing and Lockheed Martin reached a settlement in a wrongful death lawsuit filed
in March 2012 by the widow of an F-22 fighter pilot killed in a crash after the malfunction of his plane.
The details of the settlement were not made public.
Court revives fraud and wrongful dismissal lawsuit against Lockheed Martin
August 04, 2012 | Courthouse News Service
On July 31, 2012, a fraud lawsuit against Lockheed Martin was revived by the US 9th Circuit in Pasadena
California. According to the original claims filed by a former employee fired after having started an
investigation and threatening report in 2002, the company used defective testing procedures and
fraudulently underbid a USD 432.7 million contract with the US Air Force. A federal judge had initially
dismissed his claims for lack of evidence, but the 9th Circuit reinstated some of the allegations, including
Hooper's claims that Lockheed wrongfully fired him and knowingly underbid the contract.
Court revives suit against Lockheed Martin over underbidding in US Air Force contract
August 02, 2012 | Law360
On August 2, 2012, the US Court of Appeals for the Ninth Circuit partially reversed and remanded a
district court’s dismissal in a whistleblower lawsuit against Lockheed Martin Corp over violation of the
False Claims Act. The suit was filed by an employee in 2005, alleging Lockheed Martin defrauded the US
Air Force by intentionally underbidding on a 1995 hardware and software contract. The plaintiff claimed
Lockheed instructed its employees to lower their bids almost by half, without regard to actual cost, to
improve its chances of winning the contract.
Lockheed CEO says US defense cuts would affect 10,000 jobs
July 18, 2012 | Bloomberg Business
On July 18, 2012, the chief executive officer of Lockheed Martin Corp stated that a projected cut of USD
500 billion in defense spending by the US government would affect 10,000 jobs at the company. He
made the remark in a written testimony he submitted before the Republican-led House Armed Services
Committee.

27
Lockheed Martin machinists union files another complaint of unfair practice
June 14, 2012 | Sky Talk
On June 14, 2012, officials of machinists union filed another complaint with the National Labor Relations
in Forth Worth, US, against Lockheed Martin for unfair labor practices. The company was accused that a
security officer was illegally tracking and recording video of union members.
Lockheed machinists file complaints of unfair labor practices
June 07, 2012 | The Fort Worth Star-Telegram
On June 6, 2012, machinists union officials filed complaints of unfair labor practices with the National
Labor Relations Board office in Fort Worth, US, against Lockheed Martin. According to the complaints,
workers of Forth Worth plant did not agree to the F-35 fighter jet work being moved to another
company facility. The union alleged also that Lockheed was illegally pressuring employees when the
administrator of its 401(k) savings plan sent a letter to workers informing them that they would have to
keep making payments on loans during the strike.
Markman Order in patent infringement suit against Lockheed Martin's subsidiary
April 27, 2012 | Reuters
On April 27, 2012, Axcess International Inc announced a Markman ruling was issued in a case against Savi
Technology Inc, a subsidiary of Lockheed Martin Corp, in the US District Court for the Northern District of
Texas, Dallas Division. Axcess had accused Savi of infringing 23 claims of its patent entitled “High
Sensitivity Demodulator for a Radio Tag and Method.” A trial date was set for November 5, 2012.
Lockheed Martin workers are on strike at North Texas plant
April 25, 2012 | eSource Canada Business News Network
On April 25, 2012, dozens of Lockheed Martin workers started to picket at North Texas (US) plant,
unhappy with proposed changes to health care benefits, pension plans and the elimination of pension
for newly hired workers. The strike started after the 3,600 union members voted to reject the company’s
latest contract offer.
Roof of Lockheed Martin’s plant catches fire
April 25, 2012 | Tampa Bay Times
On April 20, 2012, the roof of the Lockheed Martin plant on Tampa Road (in Pinellas County, Florida, US)
caught fire. Because of the incident, more than 500 employees were evacuated. The fire affected the
roof on an area of the plant that contained parts and computer equipment stored. The cause of the
incident was not determined.

28
UK banks and insurers stop business with Hanwha, ST Engineering, Doosan, General Dynamics, L-3
Communications, Lockheed Martin, Textron
April 09, 2012 | The Guardian
On April 9, 2012, it was reported that major banks in the UK, namely Lloyds Banking Group, Aviva and
the Co-op, stopped its business with Hanwha Corp (South Korea), Singapore Technologies Engineering
(Singapore), Alliant Techsystems (US), Aryt Industries (Israel), Doosan Corp (South Korea), GenCorp (US),
General Dynamics Corp (US), L-3 Communications Corp (US), Lockheed Martin Corp (US), Poongsan Corp
(South Korea), Textron (US) and Poongsan Holdings Corp (South Korea) due to their implications in the
making of cluster bombs. The banks and the insurers have withdrawn all of these companies’ shares
from their portfolio and stopped any lending to them that make the controversial weapons.
Lockheed Martin Corp. settles subcontractor suit over price change
March 30, 2012 | Law 360
On March 29, 2012, Lockheed Martin Corp. settled a suit brought by Triumph Aerostructures LLC, a
subcontractor. The lawsuit was filed in the US Texas federal court after the defense giant refused to
negotiate a USD 9 million price adjustment on a fighter jet contract.
Lockheed Martin Corp. agrees to pay USD 15.9 million to settle inflated costs allegations
March 23, 2012 | Dow Jones Business News
On March 23, 2012, according to the US Department of Justice, Lockheed Martin Corp. agreed to pay
USD 15.9 million to settle inflated costs allegations. Between 1998 and 2005, Lockheed bought from
Tools & Metals Inc., a subcontractor, perishable tools and then passed the costs on to the US. The
settlement resolved also two whistleblower actions initiated against the company.
Lockheed Martin, Boeing and Honeywell International sued for negligence and wrongful death of pilot
March 14, 2012 | ABC News
On March 12, 2012, a complaint was filed against Lockheed Martin, in an Illinois (US) court by the wife of
the F-22 Raptor pilot who died on November 2010, after a malfunction of his oxygen system during a
training mission in Alaska. Lockheed Martin was the manufacturer of F-22, however, the complaint filed
also named Boeing, Honeywell International and Pratt and Whitney, as defendants. Other pilots had
reported hypoxia in F-22, which occurs when the brain is deprived of oxygen and can cause dizziness,
confusion and lack of judgment.
ICAN reports on banks financing nuclear weapons
March 05, 2012 | ICAN
On March 5, 2012, a news report released by the International Campaign to Abolish Nuclear Weapons
(ICAN) identified 322 financial institutions in 30 countries with substantial investments in producers of
nuclear weapons. The report provided details of financial transactions with 20 companies that were
involved in the manufacture, maintenance and modernization of nuclear forces in US, UK, France and
India. The work was being carried out by companies like BAE Systems, Lockheed Martin, Thales, Larsen &

29
Turbo, Rolls Royce and Serco Group. The involved banks included Bank of America, JP Morgan Chase &
Co., BNP Paribas, Deutsche Bank, Mistubishi UFJ Financial, Banco Santander, Credit Suisse, UBS, Barclays,
HSBC, Lloyds and Royal Bank of Scotland.
Ex-Air Force chief indicted for leaking secrets to Lockheed
August 04, 2011 | The Korea Herald
On August 2, 2011, officials at the Seoul Central District Prosecutors' Office indicted three retired high-
ranking Air Force officers including a former four-star general on charges of providing classified military
information to the Lockheed Martin Company. According to the prosecution, the three received a total
of USD 2.35 million from Lockheed Martin on several occasions in 2009 and 2010. Investigators suspect
that from 2004 a former Air Force chief of staff offered to the Lockheed Martin confidential information
including the joint strategy objective plan, mid-term defense plans and other pieces on the Air Force's
plans to bolster its military capabilities.
Investigation of Lockheed Martin Corporation
August 03, 2011 | Business Wire
On August 3, 2011, Robbins Umeda LLP, a shareholder rights litigation firm, had commenced an
investigation into breaches of fiduciary duty and other violations of the law by certain officers and
directors at Lockheed Martin Corporation. The investigation focused on, whether or not, the directors
and officers of Lockheed Martin harmed the company by breaching their fiduciary duties to
shareholders. The shareholder rights litigation firm was investigating whether company fiduciaries
engaged in a scheme to deceive the investing public by routinely disseminating improper statements
about the company's true financial condition and business prospects.
Class Action Suit against Lockheed Martin Corporation
July 21, 2011 | Business Wire
On July 21, 2011, a law firm announced that a class action has been commenced on behalf of purchasers
of Lockheed Martin Corporation common stock during the period between April 21, 2009 and July 21,
2009. The complaint charges Lockheed Martin and certain of its officers and directors with violations of
the Securities Exchange Act of 1934. The complaint alleges that defendants issued materially false and
misleading statements regarding the Company's business and prospects (significant performance issues
with several projects, growth in some divisions was slowing as the Company lost contracts and other
contract awards were contested).
Lockheed Martin sets voluntary layoff plan for 6,500 employees
July 20, 2011 | Dow Jones News Service
On July 20, 2011, Lockheed Martin Corp. disclosed plans for a voluntary dismissal program for 6,500 US
employees. Under the terms of the offer, volunteers would receive a severance package to leave the
company in the fall. The cuts followed work force reduction of about 3,300 employees in the
aeronautics, space systems and other segments earlier in 2011.

30
Court reinstates suit against Lockheed Martin over racially discriminatory termination
June 30, 2011 | Outten & Golden LLP
On June 30, 2011, the US Court of Appeals for the Eleventh Circuit vacated a district court's summary
judgment and remanded the lawsuit against Lockheed Martin Corp over racially discriminatory
termination. A former employee filed the suit against Lockheed Martin on July 28, 2006, in the US
District Court for the Northern District of Georgia, alleging he was fired over violation of the zero
tolerance policy, after forwarding an email with a racial joke, as a friend, to his supervisor. The appeals
court found that Lockheed displayed a racially discriminatory animus toward its employee when it fired
him.
Lockheed Martin to cut 1,500 jobs in aeronautics division
June 30, 2011 | The Dallas Morning News
On June 30, 2011, Lockheed Martin Corp announced a plan to lay off 1,500 employees from its
aeronautics division across US, in order to become more efficient in a changing business environment.
The job cuts would affect ranks of non-manufacturing workers at facilities in Fort Worth and San
Antonio, Texas, in Marietta, Georgia, and in Palmdale, California. Lockheed would initially offer voluntary
layoffs and then follow up with involuntary layoffs as needed.
Lockheed Martin to lay off 1,200 employees in space systems division
June 16, 2011 | Space.com
On June 14, 2011, Lockheed Martin Corp announced that it would cut 1,200 jobs from its space systems
division across US, by the end of 2011, in order to improve efficiency and make its business more
competitive. Most of the job cuts would occur at Lockheed's offices in Colorado, California, and
Pennsylvania, where the company had several development programs that were transitioning to
production. Lockheed said the staff reduction would be achieved through a combination of voluntary
and involuntary layoffs and it would provide career transition support to affected employees.
Lockheed Martin workers drink alcohol during lunch break
May 05, 2011 | FOX 4
On May 5, 2011, it was reported that workers at Lockheed Martin Corp's facility in Fort Worth, Texas, US,
were seen drinking alcohol and smoking pipe during lunch break. A TV station conducted an
investigation, observing them drinking beer outside the facility for several weeks. Lockheed Martin said
it did not permit any use of alcohol on company property and its employees were subjected to testing if
there were reasons to believe they were impaired at work due to alcohol or drug use. The company
claimed that its own investigation revealed that two of the individuals highlighted by the TV station in
the news were not Lockheed Martin employees, but only contractors working at its facility, and they
were dismissed.

31
Protest against Lockheed Martin over census contract in UK
March 18, 2011 | The Guardian
On March 18, 2011, anti-weapons activists launched a day of e-action against Lockheed Martin Corp to
protest against the involvement of the company in UK census. Protesters campaigned at Lockheed
Martin’s headquarters in London, UK, posing as census collectors, and people were urged to flood the
company with email messages. The spokesman for the Office of National Statistics, UK, said the contract
for census processing was awarded to Lockheed Martin UK, not Lockheed Martin US, and the UK division
was a major supplier of non-defence-related services for the public sector. He said the European
procurement directives were satisfied.
Lockheed Martin settles suit over false claims in government contract for USD 2 million
January 24, 2011 | US Justice Department
On January 24, 2011, the US Justice Department (DOJ) announced that Lockheed Martin Corp agreed to
pay USD 2 million to resolve allegations that it submitted false claims on a US government contract. In
June 2009, a lawsuit was filed in the US District Court for the Southern District of Mississippi under the
whistleblower provisions of the False Claim Act against Lockheed Martin and other companies, alleging
the defendants submitted or caused the submission of false claims and conspired to submit such claims
to ensure they won a contract with the Naval Oceanographic Major Shared Resource Center in
Mississippi, US.
Boeing and Lockheed Martin settle contamination suit for USD 3.25 million
December 27, 2010 | Environmental Leader
On December 22, 2010, a suit was settled in the Eastern Washington District Court in US. Lockheed
Martin Corp, The Boeing Co and the City of Moses Lake would pay USD 3.25 million to the US
Department of Justice and the US Environmental Protection Agency. The companies were sued over the
contamination at the Moses Lake Wellfield Superfund Site.
Lockheed Martin settles Deepwater whistleblower lawsuit
December 02, 2010 | Boyd & Associates
On December 1, 2010, Lockheed Martin Corp settled with a former employee a False Claims Act lawsuit
for an undisclosed amount. The settlement was approved in the US District Court for the Northern
District of Texas. In September 2006, a former systems engineer at Lockheed Martin who worked on the
Coast Guard’s Integrated Deepwater System program filed a False Claims Act lawsuit against Deepwater
contractors Lockheed Martin, Northrop Grumman Ship Systems Inc, subsidiary of Northrop Grumman
Corp, and Integrated Coast Guard Systems, a joint venture between Lockheed and Northrop. The suit
alleged the patrol boats converted by the contractors to extend their service had serious deficiencies in
performance, many being rejected by the Coast Guard due to unacceptable danger to the crews. The
plaintiff was continuing the case against the other defendants to enable US to recover a part of the USD
96.1 million demanded by the Coast Guard.

32
Suit against Lockheed Martin over violation of Military Service Relief Act
March 08, 2010 | The Louisiana Record
On January 27, 2010, a reserve commander of Lockheed Martin Corp filed a lawsuit against it in the
District Court for the Parish of Orleans, later removed to the US District Court for the Eastern District of
Louisiana, alleging the company failed to promptly re-employ him under the terms of the Louisiana
Military Service Relief Act. He claimed that after he was released from active duty service, he requested
re-employment to his former position, but Lockheed Martin refused to re-employ him. He also alleged
that during his mobilization, he did not receive paid vacation credits as other active duty personnel
received. The plaintiff sought damages for wages, retirement benefits, accrued vacation credits, 401k
plan employer matching contributions, differential pay, back pay and liquidated damages.
Publication lists 138 companies from 16 countries investing in cluster bomb production
October 29, 2009 | Netwerk Vlaanderen
On October 29, 2009, IKV Pax Christi and Netwerk Vlaanderen published a list of 138 financial
institutions, from 16 different countries, still involved in the cluster bomb industry, one year after the
signing of the Convention on Cluster Munitions in Oslo, in December 2008. HSBC Holdings Plc, Goldman
Sachs Group Inc, Bank of America Corp and its subsidiary, Merril Lynch, Deutsche Bank AG, JPMorgan
Chase & Co, Citigroup Inc, Barclays Plc, Fidelity National Financial Inc, AXA SA, BlackRock Inc, T Rowe
Price Group Inc, Mitsubishi UFJ Financial Group, Royal Bank Of Scotland Group, Societe Generale, UBS
AG, Unicredit Spa, Bank Of Nova Scotia, Banco Bilbao Vizcaya Argenta, BNP Paribas, Credit Agricole SA,
Credit Suisse Group AG, ING Groep NV, Intesa Sanpaolo, Mizuho Financial Group Inc, Morgan Stanley,
among others, provided USD 20 billion investments and financial services to eight producers of cluster
bombs, since January 2007. Among the investors were Hanwha Corp, L-3 Communications Holdings,
Lockheed Martin Corp, Singapore Technologies Engineering and Textron Inc.
BAE Systems, Boeing, Dell, Motorola and others accused of supporting illegal occupation of Palestinian
land
October 14, 2009 | Interfaith Peace Initiative
On October 14, 2009, it was revealed that a NGO report listed 60 companies supporting the Israeli
occupation settlements of Palestinian land. Among the companies accused of financing or providing
materials and services to the illegal settlements were Alon Group, the Israeli franchisees of Yum! Brands
Inc - Pizza Hut Inc and KFC Corp, American International Group, Alstom, BAE Systems Plc, Bank Leumi Le-
Israel, The Boeing Co, Caterpillar Inc, CEMEX SAB de CV, Covidien Plc, Dell Inc, Elbit Systems Ltd, General
Dynamics Corp, General Electric Co, Hewlett-Packard Co, ITT Corp, Lockheed Martin Corp, Mizrahi
Tefahot Bank Ltd, Motorola Solutions Inc, Northrop Grumman Corp, Oshkosh Corp, The Procter &
Gamble Co, Raytheon Company, Terex Corp, Unilever Plc, United Technologies Corp, Valero Energy Corp,
Veolia Environment and Volvo AB. The companies cited were accused, among other, of operating busses
that served illegal settlements in the West Bank, producing helicopters used by the Israeli military to
attack Palestinian cities, refugee camps and villages, or supplying the Israeli Defense Forces with
equipment and facilities for communication.

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