Exhibit 99
                                                                      ----------

                                                           For Immediate Release


  LOCKHEED MARTIN AND NORTHROP GRUMMAN
  TO FORM STRATEGIC COMBINATION

  $11.6 billion transaction to create $37 billion global technology leader


  BETHESDA, Maryland/LOS ANGELES, California, July 3, 1997 -- Lockheed Martin
  (NYSE:LMT) and Northrop Grumman (NYSE:NOC) announced today that their
  respective boards of directors unanimously approved a definitive agreement to
  combine the companies to further enhance efficiencies and increase global
  competitiveness. Following shareholder approvals and U.S. government
  regulatory reviews, the transaction will create a leading, broad-based
  technology company with estimated 1997 revenues of approximately $37 billion
  and nearly 230,000 employees.

  Under terms of the agreement, Northrop Grumman shareholders will receive
  1.1923 shares of Lockheed Martin common stock for each share of Northrop
  Grumman stock. The transaction is expected to close by the end of 1997.

  "As our industry becomes increasingly global, we must constantly improve
  efficiencies to compete in the 21st century worldwide marketplace," said
  Norman R. Augustine, chairman and chief executive officer of Lockheed Martin.
  "In bringing together these two healthy, well-matched companies, we will meet
  our commitments to reduce costs for our customers, increase long-term
  opportunities for employees and enhance shareholder value."

  The combination is consistent with Lockheed Martin's long-term growth strategy
  to expand core businesses and move into closely related emerging markets. Key
  impacts on its lines of business will be to:

       -- Expand critical mass, economies of scale and synergy opportunities in
  electronics, military aircraft, commercial aerostructures and information
  systems;

       -- Increase breadth and depth in key technological discriminators, such
  as composites, data processing, stealth, sensors, microelectronics and
  manufacturing;

       -- Enhance systems engineering and platform integration capabilities.

 
  It is anticipated that the transaction will be accounted for as a 
  pooling-of-interests; however, the impact of other transactions under
  consideration could, if consummated, result in accounting for the transaction
  as a purchase. Financially, the transaction is expected to be neutral to 1998
  earnings and increasingly accretive thereafter.

  Augustine noted that "Lockheed Martin and Northrop Grumman have been leaders
  in consolidating the aerospace industry, and we are now taking the logical
  next step in combining together to shape the future. Both corporations have
  successfully integrated multiple operations and cultures, while maintaining
  focus on program performance and mission success. We fully intend to combine
  these two companies with the same spirit of teamwork and emphasis on
  performance."

  "We enter this transaction in the strongest position in our history, which
  augurs well for the future," said Kent Kresa, chairman of the board, president
  and chief executive officer of Northrop Grumman. "Another plus is that our two
  companies have worked together successfully, including on such major current
  programs as the Joint Strike Fighter, the F-22, the Apache Longbow, and
  airborne early warning systems. We think this is a great opportunity to
  combine our unique skills and dedicated employees for the benefit of our
  customers and shareholders, as well as our employees."

  Kresa will join the Lockheed Martin board of directors along with two other
  members of the Northrop Grumman board to be determined. Kresa also will serve
  as vice chairman of Lockheed Martin and will have a strong role in the
  transition.

  Dr. Vance D. Coffman, who will become vice chairman and chief executive
  officer of Lockheed Martin on August 1, reaffirmed Lockheed Martin's
  continuing commitment to serving as a merchant supplier, including supporting
  The Boeing Company and other teammates around the world on various existing
  and future programs.

  Bear, Stearns & Co., Inc. and Lehman Brothers, Inc. are acting as financial
  advisors to Lockheed Martin. Northrop Grumman is being advised by Salomon
  Brothers.

  Lockheed Martin, headquartered in Bethesda, Maryland, is a global technology
  company with 1996 sales of $27 billion. The Corporation provides space and
  missile systems, electronics, military aircraft, information systems, systems
  integration and a broad range of services to U. S. and international
  governments and commercial customers. It has 180,000 employees worldwide.

 
  Northrop Grumman, headquartered in Los Angeles, California, is a leading
  designer, systems integrator and manufacturer of military surveillance on
  combat aircraft, defense electronics and systems, airspace management systems,
  information systems, marine systems, precision weapons, space systems and
  commercial and military aerostructures. The company currently employs more
  than 45,000 people and had 1996 sales of approximately $8 billion.

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  CONTACT: Lockheed Martin News & Information, 301/897-6352
              Northrop Grumman Corporate Communications,       
              310/553-6262