Lockheed Martin cuts 1500 jobs
Lockheed Martin Corp., a company engaged in the research, design, and production of advanced technology, said today it must cut 1500 jobs in anticipation of defense spending cuts.
The jobs eliminated will be in the Aeronautics unit, a move that is expected to reduce costs and offer better pricing to customers.
Since the majority of Lockheed Martins business is with the U.S. Department of Defense and the U.S. federal government agencies, President Barack Obamas goal of reducing defense spending by $400 million is expected to hit the company hard.
The Aeronautics unit has 28,000 employees, spread out across Texas, California, and Georgia, among others.
Those who have a higher ranking at the larger facilities will be the most susceptible, the company said.
AllHeadLineNews reports that orders for space satellites have declined. In addition, the U.S. Congress has decided to end the governments use of F-22 Raptors in favor of the F-35, which military officials say is a more nimble and versatile fighter jet.
Bold and responsible action is necessary to meet customer expectations and reduce our costs. We are realigning the organization to be more efficient and agile, and a reduction in force will enable us to meet the requirements of our changing business environment, said Ralph Heath, executive vice president, Lockheed Martin Aeronautics.
The aeronautics unit, which produces the F-16 multi-role fighter jet, C-130 military transport aircraft and F-35 Joint Strike Fighter, said some salaried workers would be offered voluntary separations to minimize the number of involuntary layoffs that would occur.
Reuters reports that earlier this month, Lockheeds space systems unit said it planned to cut about 1,200 jobs out of that divisions total U.S. workforce of about 16,000 by years end.
Lockheed has 126,000 employees worldwide.
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