WASHINGTON, June 5, 2013 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) CEO and President Marillyn A. Hewson called upon the aviation industry to coalesce around a common set of principles to ensure sequestration does not hinder NextGen progress. The Federal Aviation Administration's (FAA) NextGen initiative is transforming the National Airspace System by moving from a ground-based system of air traffic control to a satellite-based system of air traffic management.
In a speech to the RTCA, a leading civil aviation group, Hewson outlined three steps for the continued growth of the global air traffic infrastructure. Noting that Congress has difficult choices to make about future investments, Hewson urged industry leaders to make the business case for an investment in NextGen; set and meet commitments for NextGen delivery milestones, system performance and passenger safety; and be adaptive and open to change.
"Air transport is a major driver of global commerce," said Hewson. "Every pound of fuel we can save, every minute of wait time we can reduce, and every additional flight we can schedule will boost everything from trade to tourism."
Lockheed Martin has supported the FAA and other global air traffic management systems for more than 55 years. Lockheed Martin systems currently handle 75 percent of air traffic in the United States and 60 percent of the world's air traffic. The company is the FAA's prime contractor for the En Route Automation Modernization (ERAM) system, the computer system used to guide airplanes flying at high altitudes. Additionally, Lockheed Martin operates the FAA's Automated Flight Service Station (AFSS) network, a system that provides the general aviation community with weather briefings and en route communications, and initiates search-and-rescue services to users of the National Airspace System in the contiguous United States, Hawaii and Puerto Rico.Headquartered in Bethesda, Md., Lockheed Martin is a global security and aerospace company that employs about 118,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation's net sales for 2012 were $47.2 billion. For additional information, visit our website: www.lockheedmartin.com SOURCE Lockheed Martin
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV