Lockheed Corporation

The Lockheed Corporation was an American aerospace manufacturer. Lockheed was founded in 1926 and merged in 1995 with Martin Marietta to form Lockheed Martin. Its founder, Allan Lockheed, had earlier founded the similarly named but otherwise-unrelated Loughead Aircraft Manufacturing Company, which was operational from 1912 to 1920. History Origins Allan Loughead and his brother Malcolm Loughead had operated an earlier aircraft company, Loughead Aircraft Manufacturing Company, which was operational from 1912 to 1920. The company built and operated aircraft for paying passengers on sightseeing tours in California and had developed a prototype for the civil market, but folded in 1920 due to the flood of surplus aircraft deflating the market after World War I. Allan went into the real estate market while Malcolm had meanwhile formed a successful company marketing brake systems for automobiles. On December 13, 1926, Allan Lockheed, John Northrop, Kenneth Kay and Fred Keeler secured funding to form the Lockheed Aircraft Company in Hollywood (spelled phonetically to prevent mispronunciation). This new company utilized some of the same technology originally developed for the Model S-1 to design the Vega Model. In March 1928, the company relocated to Burbank, California, and by year's end reported sales exceeding one million dollars. From 1926 to 1928 the company produced over 80 aircraft and employed more than 300 workers who by April 1929 were building five aircraft per week. In July 1929, majority shareholder Fred Keeler sold 87% of the Lockheed Aircraft Company to Detroit Aircraft Corporation. In August 1929, Allan Loughead resigned.