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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