Two MoCo Businesses Make 2021 Fortune 500 List
Marriott International and Lockheed Martin, two long-time Bethesda companies have once again made the annual Fortune 500 list.
Lockheed Martin, an aerospace and defense company thats headquartered on Rockledge Drive in Bethesda, came it at 49.
“The year 2020 was a time of growth for the aerospace defense giant. Despite pandemic-related supply chain disruptions, Lockheed Martin still managed to increase net sales by 9%, to $65.4 billion. The F-35 program, off to a rocky start, rebounded with the company delivering 120 orders over the year. The firm’s production backlog also rose, sitting at $147.1 billion as of spring 2021. Also in 2021, Lockheed Martin agreed to acquire U.S. manufacturer Aerojet Rocketdyne Holdings for $4.4 billion, a move to advance its standing in the rocket propulsion field. Following a strong first quarter, the company pushed up its sales and profits outlook for the year ahead.”
Hotel Giant Marriott International came in at 293.
“The pandemic decimated the travel industry in 2020 and Marriott’s financials along with it: Revenue declined nearly 50%, dropping the hotel giant down 136 spots in this year’s rankings, and the company reported a loss of $267 million. Adding to the adversity, CEO Arne Sorenson, the first person outside the Marriott family to run the company, passed away from pancreatic cancer in February 2021.The company operates and franchises 7,000-plus properties across 131 countries and territories through brands like the Ritz-Carlton, Sheraton, and Aloft.”
The full 2021 list can be found here.