Martin Marietta Materials, Inc., Files Registration Statement For Split-Off From Lockheed Martin Corporation

Business Wire, July 26, 1996

BETHESDA, Md. and RALEIGH, N.C.--(BUSINESS WIRE)--July 26, 1996-- Lockheed Martin Corporation (NYSE:LMT) and Martin Marietta Materials, Inc. (NYSE:MLM) today jointly announced that Martin Marietta Materials has filed a registration statement with the Securities and Exchange Commission (SEC) outlining a split-off plan for the 81 percent interest in Martin Marietta Materials currently owned by Lockheed Martin.

The proposed split-off would be achieved through an exchange offer whereby Lockheed Martin stockholders would be given an opportunity to exchange some or all of their Lockheed Martin common stock for Martin Marietta Materials common stock currently held by Lockheed Martin. Following review by the SEC and depending on market conditions, the split-off is expected to be completed in the fourth quarter of this year. Specific terms of the transaction will be provided to Lockheed Martin stockholders by means of an Offering Circular-Prospectus at the commencement of the exchange offer.

Norman R. Augustine, Vice Chairman and Chief Executive Officer of Lockheed Martin, commented, "The proposed split-off is intended to achieve key goals of both corporations: it permits Lockheed Martin's management to better focus on its core technology businesses, and it provides Martin Marietta Materials an increased ability to pursue its growth strategy by facilitating the use of its common stock to finance acquisitions."

Lockheed Martin, headquartered in Bethesda, Maryland, employs approximately 190,000 people worldwide, and is a highly diversified, advanced technology Corporation with core businesses in aeronautics, electronics, energy and environment, information and technology services, space and missiles, and tactical systems.

Martin Marietta Materials, with sales of more than $660 million in 1995, is the nation's second largest producer of construction aggregates and is a leading producer of magnesia-based products. Headquartered in Raleigh, North Carolina, Martin Marietta Materials has been a publicly traded company since its initial public offering in February 1994.

CONTACT: Martin Marietta Materials, Inc.

Janice K. Henry, 919/783-4658