China freezes, sanctions Lockhead Martin entities

China announced countermeasures on Lockheed Martin's entities and high-level management personnel on Friday, freezing their movable, immovable and other kinds of property.

According to a statement issued by the Foreign Ministry, the entities on the sanction list are Lockheed Martin Missile System Integration Lab, Lockheed Martin Advanced Technology Laboratories and Lockheed Martin Ventures.

The company's management personnel subject to sanctions are James Donald Taiclet, chairman, president and chief executive officer; Frank Andrew St. John, chief operating officer; and Jesus Malave, chief financial officer. China will not issue visas to them and they will be barred from entering the country.

Organizations and individuals in China are banned from carrying out transactions or cooperation with these people.

The sanction announcement came days after the U.S. State Department approved arms sales worth about $360 million to the Taiwan region.