Robert H. Smith School of Business
Capital Business
Posted at 05:56 PM ET, 07/10/2012

Lockheed cuts employees in mission systems and sensors unit


A sign on the outside wall of Lockheed Martin Corp.'s stand at the Farnborough International Air Show. (Chris Ratcliffe - Bloomberg)
Lockheed Martin’s District-based mission systems and sensors unit said Tuesday it has cut its workforce by 740 employees — 432 voluntarily and 308 involuntarily.

The contracting giant, which has its corporate headquarters in Bethesda, has long been making both types of reductions to its workforce. In 2010, more than 600 top executives took a buyout, and Lockheed has since made cuts to many of its business units.

Lockheed said it notified 308 employees based in the United States that “they will no longer have employment with the company.” The unit had already seen 432 employees elect to leave under a voluntary layoff program in May.

A Lockheed spokesman said fewer than 75 D.C. metro-area employees are affected by the layoffs — both voluntary and involuntary.

The total reduction of 740 reflects a 5 percent reduction to the mission systems and sensors business.

By  |  05:56 PM ET, 07/10/2012

Tags:  Lockheed Martin, government contracting, layoffs

 
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