- Lockheed Martin (NYSE:LMT) has launched a review aimed at cutting corporate overhead costs by as much as 30%, one of several possible reductions considered on top of its announced plan to sell or spin off various services businesses, Reuters reports.
- U.S. arms makers have been streamlining operations in recent years to cut costs due to the downturn in U.S. military spending; Jefferies defense analyst Howard Rubel says LMT also faces pressure from the Pentagon to offer price concessions in some major contracts it is negotiating - a five-year contract for up to 83 C-130J transport planes, and two separate deals for ~160 F-35 fighter jets.
- Earlier: Lockheed to cut 250 jobs in missile, fire control business (Oct. 15)
Reuters: Lockheed eyeing overhead cuts of up to 30%
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Symbol | Last Price | % Chg |
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Lockheed Martin Corporation |