Lockheed Martin Furloughs 3,000 Workers as Shutdown Continues

Defense Budgets Jobs
AP Photo/John Amis

Lockheed Martin (LMT) will furlough 3,000 employees on Monday and potentially more in coming weeks due to the government shutdown.

The defense contractor said Friday that the furloughs will affect its business nationwide and it is working closely with customers to assess the impact. It said the number of employees put on furlough will increase weekly if the shutdown continues, but did not specify how high the count could rise.

"I'm disappointed that we must take these actions and we continue to encourage our lawmakers to come together to pass a funding bill that will end this shutdown," Marillyn Hewson, Lockheed's CEO and president, said in a statement. "We hope that Congress and the Administration are able to resolve this situation as soon as possible."

Lockheed says the furloughs include employees who are unable to work because the government facility where they perform their work is closed, as well as those whose work requires a government inspection that cannot be completed or for which the company has received a stop work order.

This announcement comes just days after United Technologies Corp. (UTX) said that it will furlough 2,000 employees by Monday and more than 5,000 if the shutdown continues into next month. The company, which makes Blackhawk helicopters and other products, says it will halt some manufacturing because government inspectors have been furloughed and they are necessary for federal approval to make military products.

The partial government shutdown took effect Tuesday and has idled roughly 800,000 "non-essential" federal workers.

Lockheed Martin Corp. shares fell 46 cents to $122.37 in afternoon trading Friday. Its shares are still near the higher end of their 52-week range of $85.88 to $131.60.

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Iselin007

Just incase you don't believe my great great great great uncle knew George Washington personnally I offer proof.

http://longislandgenealogy.com/bluepoint/1.htm

Further evidence that Blue Point was an important supply port is shown by the capture of the 50-ton schooner Peggy, a market vessel, off Fire Island Inlet March 2, 1783. She was carrying flax-seed and oysters from Blue Point to New York. The Patriot skipper on that occasion was Capt. Thomas Wickham, a refugee from East Hampton to Connecticut, commanding the sloop Hampton Packet, mounting eight guns and with a crew of 30.
Wickham was in charge of Gardiners Island and the stock thereon before the Battle of Long Island, after which he became a refugee to Connecticut and soon took up the fight again, at sea. He was a member of the 1st, 2nd and 3d Provincial Congresses and after the Revolution a member of the New York Assembly. In 1776 the Congress appointed him one of a committee to confer with General Washington as to the removal or protection of the stock on Nassau (L.I.) and Staten Islands.

October 07 2013 at 3:30 PM Report abuse +1 rate up rate down Reply
1 reply to Iselin007's comment
Iselin007

Thomas Wickham must of been brave having to face the British Navy, He also must of been one of the first US Navy men or US Marine. Consider his brother Parker was said to be a loyalist. George Washington put his trust in Thomas Wickham.

October 07 2013 at 3:40 PM Report abuse rate up rate down Reply
Iselin007

Crime is increasing because they can't wait for a recovery. Gangs are fighting over territory. Over 1/4 of certain people have been in Ryker type settings. All those orange suits are ruining the apparel sales!

October 07 2013 at 3:03 PM Report abuse -1 rate up rate down Reply
Iselin007

They let all these people in like it is going to drive sales. Unfortunately there are more people than good jobs. What you have is retail cannibalizing each other while few good jobs put extra spending funds in the hands of consumers.

October 07 2013 at 2:57 PM Report abuse -1 rate up rate down Reply
pdbliz

THE MORE THE NEGITIVE THE BETTER........

October 07 2013 at 2:30 PM Report abuse -2 rate up rate down Reply
2 replies to pdbliz's comment
teaparty2implode

Negativity gets you no where........

October 07 2013 at 2:33 PM Report abuse +2 rate up rate down Reply
Iselin007

Positive is just away to smile and make like it does hurt

October 07 2013 at 2:53 PM Report abuse -1 rate up rate down Reply
pdbliz

Can anyone tell me why,,,,,,,,,,,,,,,,,DEMOCRATES are not happy unless they are in 100% control/?? Can anyone tell me why,,,DEMOCRATES are not happy unless they give your tax dollars away.????
Democrates are not happy people,,,,,I talked to 4 today that hate the Tea Party,,,Rush...........well,,,the Tea Party is just a small amount of people,,but,,growing by the 1000,s daily,,,,,,I guess they hate RUSH because he earns $97,000 per day on his talk show,,,,,,Google it,,if you do not believe/..
I guess the modern Democrate hates because,,,the olf Democrates were the founders of KKK.......GOOGLE IT,,,SEE YOURSELF.......GOOGLE IT,,,DEMOCRATE KKK,,,,,comes right up on the screen......

October 07 2013 at 2:30 PM Report abuse -2 rate up rate down Reply
1 reply to pdbliz's comment
teaparty2implode

You really are misinformed

October 07 2013 at 2:34 PM Report abuse +1 rate up rate down Reply
pdbliz

OBama has provided jobs,,,,,says the Democrates...
Well they are right,,,,,,,from 40 hours a week to 30.......from 100% health care to little or none.......from 5 days a week....to 3 days aweek...
WAY TO GO DEMOCRATES.!!!!! You provided jobs........
all the way to CHINA,,,,,,,THANKS BILL CLINTON AND BUSH TOO.!!!

October 07 2013 at 2:25 PM Report abuse -1 rate up rate down Reply
1 reply to pdbliz's comment
Iselin007

EPI has the pdf reports of the trade deal job cuts.

October 07 2013 at 2:50 PM Report abuse -1 rate up rate down Reply
pdbliz

AGAIN,,,,,BUSH is gone,,,when will you Democrates get over it,,,,,,,BUSH IS GONE.!!!
The biggest joke in history is OBAMA,,,,,He has lied 1000 times more than BUSH ...
BUSH IS GONE,,,.........LET US TALK ABOUT NOW,,,NOT THEN...
BUSH IS GONE....

October 07 2013 at 2:23 PM Report abuse -2 rate up rate down Reply
1 reply to pdbliz's comment
teaparty2implode

Tax cuts do not create jobs. Clinton raised taxes and created more jobs than Bush did with his tax cuts.

October 07 2013 at 2:36 PM Report abuse +2 rate up rate down Reply
Iselin007

Why do we need all this technology the BLS just fills in the blanks in their job reports any way they feel like it. Besides if the BLS were to call your cell phone you would get stuck paying for the call if you answered it. See they got you coming and going!

October 07 2013 at 2:20 PM Report abuse -1 rate up rate down Reply
Iselin007

The EPI said between 2000-2001 over 1.4 million manufacturing jobs were lost due to China and from 2001-2010 some 5.6 million were lost to China. Were not even including the effect NAFTA had on US job losses because that is another story.

The government should wise up because those partime retail/service jobs aren't going to enable a recovery as that sector is over saturated. You don't end a Great Depression with more poverty. Even Satan most be jealous of these idiots!

October 07 2013 at 2:12 PM Report abuse -1 rate up rate down Reply
1 reply to Iselin007's comment
pdbliz

Well said,,,,,,GOOD POST..

October 07 2013 at 2:16 PM Report abuse -2 rate up rate down Reply
Iselin007

Don't worry the job cuts will not show up the BLS is too slick for that. Far as you know the 3,000 ex workers weren't looking for jobs in the last 4 weeks so they are not in the workforce! Moral of the story now you see them now you don't!

October 07 2013 at 2:01 PM Report abuse -1 rate up rate down Reply
1 reply to Iselin007's comment
pdbliz

CORRECT.!!!!!!!!!!! All a scam

October 07 2013 at 2:16 PM Report abuse -2 rate up rate down Reply