10:03 AM EDT, 06/21/2024 (MT Newswires) -- (Updates to include a Lockheed Martin ( LMT ) spokesperson's comment in fifth and sixth paragraphs.)

Lockheed Martin ( LMT ) subsidiaries and senior executives were sanctioned by China over arms sales made to Taiwan, effective June 21, China's foreign affairs ministry said in a statement Friday.

China will freeze immovable, movable, and other assets within its territory that belong to Lockheed Martin Missile System Integration Laboratory, Lockheed Martin Advanced Technology Laboratories and Lockheed Martin Ventures, the statement said.

China will also freeze the movable, immovable and other properties in China of Lockheed Martin ( LMT ) Chief Executive James Taiclet, Chief Operating Officer Frank St. John, and Chief Financial Officer Jesus Malave, according to the statement.

In addition, organizations and individuals in China are barred from transacting, cooperating and conducting other activities with the sanctioned companies and individuals. China will not issue visas to the executives and will not allow them to enter Chinese territories, including Hong Kong and Macao, the statement added.

A Lockheed Martin ( LMT ) spokesperson told MT Newswires that foreign military sales are government-to-government transactions.

"We work closely with the US government on any military sales to international customers. Lockheed Martin ( LMT ) closely adheres to United States government policy with regard to conducting business with foreign governments," the spokesperson said.

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