Seeking Alpha

Lockheed to close facilities, cut 4K workers

Lockheed Martin (LMT) announces plans to cut 4K positions in an "effort to increase efficiency ... and improve the affordability of products and services."

The company says it will shut operations "in Newtown, Pa.; Akron, Ohio; Goodyear, Ariz.; and Horizon City, Texas; and four buildings at the Sunnyvale, Calif., campus," by mid-2015.

2K jobs will be cut as part of the closures and 2K more (in the IS&GS, MST, and Space Systems businesses) will result from "operational efficiency initiatives."

The company calls the decision "difficult" but says "government budget cuts and an increasingly complex global security landscape," are forcing its hand. (PR)

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Comments (1)
  • mfritz095
    , contributor
    Comments (21) | Send Message
    For those of your counting, that will be a total of 34,000 jobs cut by LM since 2008. And they are not done by a long shot.
    14 Nov 2013, 11:04 AM Reply Like
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