<PAGE>
EXHIBIT 99.1
For Immediate Release
---------------------
Lockheed Martin Corporation Completes Debt Tender Offer
Approximately $1.9 Billion of Debt Securities Purchased
BETHESDA, MD, December 19, 2000 - Lockheed Martin Corporation (NYSE: LMT)
announced today that it had purchased approximately $1.9 billion in principal
amount of six of its outstanding debt issues. Securities were tendered under
the terms and subject to the conditions set forth in the November 28, 2000
Offer to Purchase up to $1.95 billion in principal amount of the six debt
issues. The tender offer expired at 5 p.m. December 8, 2000. The tender offer
also was announced in a Lockheed Martin press release dated November 28, 2000.
The retirement of the approximately $1.9 billion of outstanding debt
securities tendered will result in a nonrecurring and unusual after-tax charge
on early extinguishment of debt of approximately $95 million for Lockheed
Martin in the fourth quarter of 2000 and is expected to reduce Lockheed
Martin's annualized pretax interest expense by approximately $150 million,
going forward.
Credit Suisse First Boston Corporation served as Dealer Manager for the tender
offers.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise
principally engaged in the research, design, development, manufacture and
integration of advanced technology systems, products and services. Lockheed
Martin's core businesses are systems integration, space, aeronautics and
technology services. Lockheed Martin had 1999 sales surpassing $25 billion.
LOCKHEED MARTIN SAFE HARBOR STATEMENT: Statements in this press release are
considered forward-looking statements under the federal securities laws,
including the Private Securities Litigation Reform Act of 1995, including the
statements relating to projected future financial performance. Sometimes these
statements will contain words such as "believes," "expects," "intends,"
"plans" and other similar words. These statements are not guarantees of our
future performance and are subject to risks, uncertainties and other important
factors that could cause our actual performance or achievements to be
materially different from those we may project. Some of the factors which may
affect the forward-looking statements in this press release include the
Corporation's future cash flows and borrowing needs, operating performance and
future interest rates, the political and economic climate domestically and
internationally and other general economic, financial and market conditions.
In addition, our filings with the Securities and Exchange Commission
(http://www.sec.gov), set forth factors which could affect the forward-looking
statements contained in this press release. These are only some of the many
factors which may affect the forward-looking statements in this press release.
<PAGE>
Contacts:
News Media Contact:
Hugh Burns, 301-897-6308
Investor Contacts:
James R. Ryan, 301-897-6584