Defense industry news provided by Financial News USA (OTC: FNWU) Lockheed Martin Corporation (NYSE: LMT) recently named Mary Margaret ("Meg") VanDeWeghe as its senior vice president of finance. Reporting directly to Executive Vice President and Chief Financial Officer Christopher E. Kubasik, she will be responsible for the company's treasury, financial strategies, investor relations, and merger-and-acquisition activities. She will also be responsible for Lockheed Martin Investment Management Company, which manages the company's pension, savings and other employee-benefit trusts. VanDeWeghe will join the company effective February 1. Northrop Grumman (NYSE:NOC) is in talks to sell a unit with 300 jobs in Maryland that resells technology hardware and may close the business altogether. The Greenbelt computing systems business resells products such as keyboards, routers, computers and software from companies such as Cisco and Hewlett-Packard. It is a unit of McLean-based Northrop Grumman Information Technology. The company said Thursday it is negotiating with several potential buyers, but is not close to an agreement. Northrop Chief Financial Officer Wesley Bush said on Tuesday the company would exit the business, but didn't offer specifics or say if layoffs would take place.
Jim Albaugh, President and CEO of Boeing (NYSE: BA) Integrated Defense Systems (IDS), announced recently a significant restructuring of that unit in order to enhance customer focus and improve productivity. "Since the creation of Boeing IDS more than three-and-a-half years ago, our team has enjoyed considerable success in growing our business by focusing on the enduring needs of our customers and providing innovative solutions," Albaugh said. U.S. BioDefense, Inc. (OTC Bulletin Board: UBDE) announces that they have submitted a proposal to the Department of Defense (DoD) Small Business Innovation Research (SBIR) Program. "Terrorism relies on the element of surprise. The goal of Homeland Security is to take this advantage away by developing the intelligence and warning systems to detect terrorist movements before it manifests itself. We are committed to meeting this goal, by becoming a leading developer and commercialization company of innovative technologies, that can combat threats presented by chemical and biological agents," said David Chin, CEO. The DoD's SBIR program funds early-stage R&D projects at small technology companies. The projects serve the DoD's need for innovative technology development and have the potential for commercialization in the private and/or military markets. The program is part of a larger ($2 billion) federal SBIR program administered by ten federal agencies. For the 2005 fiscal year, the approximate funds are $1.079 billion dollars.
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