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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I think Lockheed has tremendous potential to expand their market especially in international arena. Lockheed thinks 100 years ahead of our DoD.
MARS Rovers supposed survive only 3 months. After 10 years they are working flawlessly in harsh environments. Their F-16, T-50, P-3, F-35, F-22 and SR52 just a few examples of technological superiority.

My suggestion to LMT is cut down the number of management positions especially Level6, 7 and 8s. Also get rid-off the Senior Board of Directors who are addicted freebies and unethical business practices.

Marylyn Hewson is one of the greatest CEO's of all time. She is great.

January 23 2014 at 5:12 PM Report abuse +1 rate up rate down Reply
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

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

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

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

This will affect Walmart in the long run?

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

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

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

Yeah...cuz nobody wants our heads.

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

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

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

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

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

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

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