Lockheed Corporation
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| Industry | Aerospace |
|---|---|
| Fate | Merged with Martin Marietta |
| Successor | Lockheed Martin |
| Founded | 1912 |
| Defunct | 1995 |
| Headquarters | Burbank, California |
| Products | Aircraft |
The Lockheed Corporation (originally the Loughead Aircraft Manufacturing Company) was an American aerospace company. Lockheed was founded in 1912 and later merged with Martin Marietta to form Lockheed Martin in 1995.
The Alco Hydro-Aeroplane Company was established in San Francisco in 1912 by the brothers Allan and Malcolm Loughead. In 1916, the company was renamed the Loughead Aircraft Manufacturing Company and relocated to Santa Barbara, California, the same year Santa Barbara native Jack Northrop (aged 20) took his first job in aviation working as a draftsman for Loughead Aircraft. The company proceeded to design and construct the Model F-1 flying boat, which debuted on March 29, 1918, and set the American non-stop record for seaplane flight by flying from Santa Barbara to San Diego.
Following the Model F-1, the company invested heavily in the design and development of a revolutionary monocoque aircraft called the Model S-1. However, the asking price of $2500 could not compete in a market that was saturated with post World War 1 $350 Curtiss JN-4s and De Haviland trainers. The Loughead Aircraft Manufacturing Company closed its doors in 1921.
In 1926, Allan Loughead, Jack Northrop, and Kenneth Jay secured funding to form the Lockheed Aircraft Company in Hollywood (the spelling was changed 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 1926-28 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 Lockheed resigned.
The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt. A group of investors headed by brothers Robert and Courtland Gross, and Walter Varney, bought the company out of receivership in 1932. The syndicate bought the company for a mere $40,000 ($660,000 in 2011). Ironically, Allan Lockheed himself had planned to bid for his own company, but had raised only $50,000 ($824,000), which he felt was too small a sum for a serious bid.
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