Lockheed Martin Named Top Manufacturing Innovator on 2010 InformationWeek 500 List

Bethesda, Md., 09/27/2010 --

Lockheed Martin's Procure-to-Pay project has been ranked first in the manufacturing category and 46 overall in this year's InformationWeek 500 – a list of top technology innovators in the U.S.

InformationWeek identifies and honors the nation's most innovative users of information technology with its annual 500 listing, and also tracks the technology, strategies, investments and administrative practices of America's best-known companies. The InformationWeek 500 rankings are unique among corporate rankings as it spotlights the power of innovation in information technology, rather than simply identifying the biggest IT spenders.

"We were honored to be recognized for the work we're doing to streamline our IT landscape and reduce costs associated with these tools," said Sondra Barbour, Lockheed Martin's chief information officer. "The award also recognized the fact that we've done this while continuing to improve service to our customers and strengthen our security posture. This platform delivers on all those fronts."

Lockheed Martin's Procure-to-Pay project focused on consolidating more than 40 different systems into a single corporate-wide platform used for non-classified procurements. The project has allowed the Corporation to avoid significant costs through system retirement; reduced labor primarily associated with legacy system support; and enhanced productivity. Once fully deployed, the new integrated system will be used by more than 10,000 internal Lockheed Martin users and more than 80,000 external users/suppliers.

Due to the size and complexity of the legacy procure to pay environment, Lockheed Martin's Procure-to-Pay platform is being deployed in six to nine month "waves" across all Lockheed Martin businesses with a total of six phased deployments. The first wave deployment was successfully completed in August 2009 and the last is scheduled to be completed in the first quarter of 2013.

Additional details on the InformationWeek 500 can be found online at www.informationweek.com/iw500/.

About Lockheed Martin

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 136,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation reported 2009 sales of $45.2 billion.

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Media Contacts:

Media Contact: Trent Flood, (301) 897-6961 or Trent.Flood@lmco.com