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LOCKHEED CREATES NEW COMPANY TO CONSOLIDATE INFORMATION SERVICES FUNCTIONS

 LOCKHEED CREATES NEW COMPANY TO CONSOLIDATE
 INFORMATION SERVICES FUNCTIONS
 CALABASAS, Calif., April 2 /PRNewswire/ -- Lockheed Corp. (NYSE: LK) today announced the formation of Lockheed Information Technology Co. (LITC), headquartered near Denver, to consolidate the corporation's information services functions.
 LITC was formed to improve service to Lockheed's computer users while reducing overall costs by sharing computer resources now dispersed among individual Lockheed operating companies. LITC will be headed by William Bernstein as president. Bernstein was formerly vice president of information and administrative services at Lockheed Sanders Inc., Nashua, N.H.
 "Sharply increased competition for fewer new defense business opportunities demands that we examine every potential avenue to reduce costs and improve value to our shareholders," said Daniel M. Tellep, Lockheed chairman and chief executive officer.
 Most of the savings from creating the new company will result from equipment consolidation and a projected reduction of about 250 positions corporation-wide between 1993 and 1996.
 The new company will be staffed wherever possible by current company employees, Tellep said.
 Lockheed, headquartered in Calabasas, is a world leader in defense and space systems technology, designing and producing missiles, electronic systems, satellites and military aircraft, as well as providing a wide range of government and commercial aeronautical, space, environmental and engineering services.
 -0- 4/2/92
 /CONTACT: Bob Slayman, 818-876-2468, or Scott Hallman, 818-876-2477, both of Lockheed/
 (LK) CO: Lockheed Corp. ST: California IN: ARO SU: RCN


AL-CH -- LA012 -- 4367 04/02/92 12:02 EST
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Publication:PR Newswire
Date:Apr 2, 1992
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