In 1913 Allan and Malcolm Loughhead (name later changed to Lockheed) flew the first Lockheed plane over the San Francisco Bay. The modern Lockheed Corporation was formed in 1932 after the fledgling airplane company was reorganized. On March 15, 1995, Lockheed Corporation merged with Matin Marietta Corporation to form Lockheed Martin. It is now headquartered in Bethesda, Maryland and employs approximately 165,000 people worldwide. Today the company is a major player in the Aerospace industry but does not manufacture its own line of commercial aircraft.