Lockheed Martin, the world’s largest defense contractor, is getting a little smaller.
The Bethesda-based behemoth announced Wednesday that it will eliminate 500 positions by mid-November in its Information Systems and Global Solutions segment. The announcement comes as the corporation is conducting a review of its government IT and technical services businesses, as it focuses on building military hardware, such as the F-35 Joint Strike Fighter.
“We made these difficult decisions as part of our efforts to remain competitive in an extremely challenging environment where industry dynamics have shifted, customer budgets are constrained and competition has continued to escalate,” Sondra Barbour, executive vice president of the IS&GS division, said in a statement. “Continuing to reduce our overhead costs, is expected to enable us to be a much leaner and more agile organization which is what is needed to compete effectively.”