Lockheed Martin To Cut 1,500 Jobs

Company blames "changing business environment" for pink slips

Thursday, Jun 30, 2011  |  Updated 3:02 PM CDT
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Lockheed Martin To Cut 1,500 Jobs

ClearedJobs.net

Defense contractor Lockheed Martin plans to cut 1,500 jobs in its aeronautics business because of the "changing business environment."

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Defense contractor Lockheed Martin plans to cut 1,500 jobs in its aeronautics business because of the "changing business environment."

That would more than double the cuts the company announced two weeks ago in its space systems equipment division, when it announced 1,200 job cuts. The company employs about 126,000 people worldwide.

The cutbacks come as budgetary pressures are prompting the Obama administration to pare back defense spending.

Lockheed Martin Corp. said Thursday that most of the cuts will fall among higher-paid workers at its main aeronautics centers in Texas, Georgia and California. The aeronautics business has about 28,000 employees.

The company, based in Bethesda, Md., says it will offer "voluntary layoffs" to eligible workers in August and begin layoffs in mid-September.

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