|Predecessor||Glenn L. Martin Company|
Martin Marietta Inc.
|Fate||Merged with Lockheed Corporation|
The Martin Marietta Corporation was an American company founded in 1961 through the merger of Glenn L. Martin Company and American-Marietta Corporation. The combined company became a leader in chemicals, aerospace, and electronics. In 1995, it merged with Lockheed Corporation to form Lockheed Martin.
Martin, based in Baltimore, was primarily an aerospace concern with a recent focus on missiles, namely its Titan program. American-Marietta was headquartered in Chicago and produced paints, dyes, metallurgical products, construction materials, and other goods.
In 1982, Martin Marietta was subject to a hostile takeover bid by the Bendix Corporation, headed by William Agee. Bendix bought the majority of Martin Marietta shares and in effect owned the company. However, Martin Marietta's management used the short time separating ownership and control to sell non-core businesses and launch its own hostile takeover of Bendix (known as the Pac-Man defense). Thomas G. Pownall, CEO of Martin Marietta, was successful and the end of this extraordinarily bitter battle saw Martin Marietta survive; Bendix was bought by Allied Corporation.
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