They make missiles, warplanes and space vehicles, but no longer does Lockheed Martin Corp. supply a healthy percentage of the rocks and minerals used across the country in more Earth-bound construction work.
The Bethesda defense giant announced yesterday that it had completed a stock swap that purged it of Martin Marietta Materials Inc., of Raleigh, N.C.
"Obviously, their core business is defense, and they decided to spin off this business to shareholders," said industry analyst Stuart McCutchan, who publishes a newsletter called Defense Mergers & Acquisitions.
The North Carolina rock producer was part of the 1961 merger of the Glenn L. Martin Co. and American Marietta.
Last month, Lockheed Martin offered to exchange 4.72 shares of Martin Marietta Materials common stock for each of up to 7.9 million shares of its own common stock. The offer was oversubscribed as of Friday's midnight deadline, with almost 43 million shares of Lockheed Martin tendered for exchange. The company will accept all odd-lot offers, from stockholders who have fewer than 100 shares.
Pub Date: 10/22/96