(Photo Credit: U.S. Air Force/Brad Fallin)
Hundreds of companies have announced wage increases, bonuses, facility expansions and other investments back into their businesses since President Donald Trump signed the historic tax reform bill into law. In just the past week, ExxonMobil, Honeywell International, FedEx and Home Depot all unveiled exciting new investments due to savings from the tax reform law.
Lockheed Martin is the latest to join the list.
Defense and aerospace manufacturer Lockheed Martin said on Monday that it plans to invest a significant portion of its tax reform savings back into its business and its workforce. According to a report by PoliticoPro, Lockheed Martin CEO Marillyn Hewson announced that the company would spend $200 million on research and development and put additional funds into capital expenditures, employee training and charitable contributions:
Lockheed Martin will invest tax reform savings in employee training and research and development, CEO Marillyn Hewson said today.
Hewson said the company will initially invest savings from the new law in charitable contributions to science, technology, engineering and math programs and increase the Lockheed Martin Ventures investment fund. The company will also invest a combined $200 million in research and development and capital expenditures this year, she said.
Lockheed is also “contributing $5 billion to pay ahead on its required pension plan contributions until 2021.”
Lockheed Martin, headquartered in Bethesda, Maryland, is a global security and aerospace company and employs 100,000 people. Lockheed has more than 590 facilities across the United States, and a majority of the company’s business is with the U.S. Department of Defense and U.S. federal government.
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