USA Today
Defense contractor Lockheed Martin (LMT) said Wednesday it plans to cut 1,200 jobs to lower costs as it combines two units.
The cuts amount to less than 1% of the company's total work force of about 140,000. The company says employees who will lose their jobs will be notified by early April.
Lockheed announced in November its plans to combine two units in its electronics systems business — the former Maritime Systems & Sensors business, based in Washington, D.C., and its Systems Integration unit in Owego, N.Y.
The newly combined unit, Mission Systems & Sensors, will provide services to maritime forces. It currently employs about 16,000 workers. Its headquarters is in Washington, but workers are spread at many locations including Baltimore, Syracuse, N.Y.; Akron, Ohio, and others where task management software is employed.
Lockheed spokeswoman Anne Marie Squeo said the cuts would not be confined to any one location and the facility in Owego would remain open.
Lockheed is based in Bethesda, Md. Its shares shed 58 cents to $77.07 in afternoon trading.
Lockheed announced in November its plans to combine two units in its electronics systems business — the former Maritime Systems & Sensors business, based in Washington, D.C., and its Systems Integration unit in Owego, N.Y.
The newly combined unit, Mission Systems & Sensors, will provide services to maritime forces. It currently employs about 16,000 workers. Its headquarters is in Washington, but workers are spread at many locations including Baltimore, Syracuse, N.Y.; Akron, Ohio, and others where task management software is employed.
Lockheed spokeswoman Anne Marie Squeo said the cuts would not be confined to any one location and the facility in Owego would remain open.
Lockheed is based in Bethesda, Md. Its shares shed 58 cents to $77.07 in afternoon trading.
