Lockheed Martin creates new international arm

The projected U.S. defense budget has already been reduced over the next decade by $487 billion under the 2011 Budget Control Act, and the Pentagon is still facing as much as $500 billion in cuts under sequestration.

The 2013 Pentagon budget was cut $37 billion under sequestration, and the proposed 2014 budget could be reduced by $52 billion if the sequester is not averted.

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Lockheed, which produces the F-35 fighter, is seeking to increase its foreign sales to 20 percent of its revenues over the next few years, up from 17 percent, Hewson said.

In 2012, the defense firm had $8 billion in international sales out of $47.2 billion in overall revenue.

Lockheed Martin International will be led by Patrick Dewar, who was previously Lockheed’s senior vice president of corporate strategy and business development.

In addition to the main offices in Washington and London, the company will have corporate offices in Ottawa, Riyadh, Abu Dhabi, Singapore and Canberra.