Lockheed Martin Announces Liquefied Natural Gas Project in New Orleans

Lockheed Martin IS & GS-Defense President Gerry Fasano announced last week that Lockheed Martin (IW 500/30) will make a $3 million capital investment at NASA's Michoud Assembly Facility to manufacture cryogenic tanks for liquefied natural gas. The LNG tanks, which initially will be used for ship propulsion, are part of Lockheed Martin's increased emphasis on converting defense technology to commercial applications, according to an article in Industry Week.

The project will create 166 new direct jobs with another 236 new indirect jobs for a total of more than 400 new direct and indirect jobs. Lockheed Martin will initially produce cryogenic tanks to fuel the propulsion systems for oceangoing vessels. Long-term plans call for the company to manufacture tanks to meet the needs of shipping by land, rail and sea, as well as for land-based storage of LNG.

Opened in the 1940s, the Michoud Assembly Facility is one of the largest production facilities in the country.....