Lockheed Martin Cutting 4,000 Jobs, Closing Plants

Israel's F-16i rolls off Lockheed-Martin production line
IDF, Getty ImagesAn F-16i jet fighter sits at the end of the production line at a Lockheed-Martin plant Fort Worth, Texas.
BETHESDA, Md. -- Lockheed Martin (LMT) is cutting 4,000 jobs, about 3.5 percent of its workforce, as the defense contractor continues to look for ways to lower costs amid reduced government spending.

"In the face of government budget cuts and an increasingly complex global security landscape, these actions are necessary for the future of our business," CEO Marilyn Hewson said Thursday in a statement.

Across-the-board spending cuts by the federal government have helped trim U.S. budget deficits. Budget negotiators in Congress are holding talks centered on find ways to cut spending and tax breaks to replace the automatic cuts that started earlier this year that are slamming the Pentagon and domestic agencies.

Bethesda, Md.-based Lockheed Martin Corp., maker of Patriot missile defense system and the F-35 and F-16 fighter planes, will close plants in Goodyear, Ariz.; Akron, Ohio; Newtown, Pa.; and Horizon City, Texas; as well as four buildings at its Sunnyvale, Calif. campus, by mid-2015, eliminating 2,000 jobs.

Another 2,000 positions will be cut in its information systems and global solutions, mission system and training, and space systems units by 2014's end.

Lockheed Martin said it will shift work and some employees to facilities in Denver and Valley Forge, Pa. The company is also reviewing other possible plants to which it could relocate programs, including facilities in Owego, N.Y. and Orlando, Fla.

Lockheed Martin said it has cut its workforce to 116,000 employees from 146,000 since 2008.

Last month the company said that revenue would decline "slightly" next year on likely federal budget cuts.

Shares dipped 5 cents to $137.21 in morning trading. The stock is up 49 percent this year.

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Lows Enterprise

I am sure that the world wonder Just who is Lows Enterprise ask Lockheed Martin

Lows is one of the smallest company in the USA with the power .

November 18 2013 at 8:32 PM Report abuse rate up rate down Reply
willypfistergash

So now all you dopey libs are sequester cheerleaders, and not bashing boeher for it, but praising obama?
You people crack me up.

November 16 2013 at 12:46 AM Report abuse -1 rate up rate down Reply
1 reply to willypfistergash's comment
fire.teapartyin2014.bob

You people on the right crack me up, Rick Perry, Michele Bachmann,..........take a look into the mirror willypfistergash on second thought don't cause you'll break it.

November 16 2013 at 11:24 AM Report abuse +1 rate up rate down Reply
willypfistergash

Defense spending isn't half of our budget, yet it is subject to half of sequestration cuts.

November 15 2013 at 5:49 PM Report abuse rate up rate down Reply
Brucie

This will affect Walmart in the long run?

November 15 2013 at 3:06 PM Report abuse rate up rate down Reply
George

anyone who believes that America, spending 41% of the ENTIRE worlds military budget is sane needs to check into your nearest asylum! 115 MILLION armed Americans in this country! WHO is going to pose a REAL threat? 115 million Americans against a corrupt government?

November 15 2013 at 2:22 AM Report abuse rate up rate down Reply
2 replies to George's comment
willypfistergash

The 2nd ammendment was lut in place so we could protect ourselves from a corruot and tyrannic government.

November 15 2013 at 5:39 PM Report abuse -1 rate up rate down Reply
willypfistergash

Yeah...cuz nobody wants our heads.

November 15 2013 at 5:49 PM Report abuse -1 rate up rate down Reply
George

would like to see warmongers like this stand on their own 2 feet and apply their technology strictly to the civilian market place. WE the taxpayers have been making them wealthy for FAR tooo long!

November 15 2013 at 2:10 AM Report abuse rate up rate down Reply
elendil3136

This story is, of course, part of a plan to arm-twist Congress to bump up defense spending.

Look for a new "terrorist attack" any day now.

November 15 2013 at 2:03 AM Report abuse rate up rate down Reply
mistergg69

Now all the small government Americans are regretting spending cuts.

November 14 2013 at 10:16 PM Report abuse +1 rate up rate down Reply
Mr. ROC

Another FYI for everyone. The Veterans Adm sends veterans that have disability and Agent Orange claims file, they have to go and see doctors through an agency that is owned by Lockheed Martin! Could it be that the more claims that are denied, means more money for defense spending? Just asking the question!

November 14 2013 at 6:03 PM Report abuse +2 rate up rate down Reply
1 reply to Mr. ROC's comment
pllove49

Are you kidding...small world ..huh...

November 14 2013 at 6:19 PM Report abuse -1 rate up rate down Reply
Mr. ROC

America needs math teachers. let some of these engineers get jobs teaching! America needs health care workers. When our government decides to be business friendly, manufacturing jobs could come back to the U.S. It is time for those that have made billions off the wacky foreign policies of our country, have to get a real job. The military/industrial complex has cost our country the ultimate price...the blood of our best and brightest in getting us involved around the world. The really worst part is that we did not get involved to win, just make money for the merchants of death and their backers in congress.

November 14 2013 at 5:59 PM Report abuse +3 rate up rate down Reply
2 replies to Mr. ROC's comment
pllove49

A real job...like my husband and so many others.. that work night and day for next to nothing...and that isn't the even half of it..

November 14 2013 at 6:23 PM Report abuse +1 rate up rate down Reply
mistergg69

Very well said.

November 14 2013 at 10:16 PM Report abuse rate up rate down Reply