Lockheed Martin on Sept. 8 announced that more than 600 company executives have taken up early retirement offers as the defense contractor undergoes a massive cost-cutting restructuring.
The layoffs, representing one quarter of Lockheed Martin's senior management, are part of the company's plan to cut back about 10,000 employees across the United States since the start of the year.
The 600 managers will receive "financial incentives" to leave the company.
"When fully implemented, the program will yield substantial savings in 2011 and on a recurring basis in 2012 and beyond," the Bethesda, Md- based company said.
The buyout offers are the latest in a series of initiatives aimed at "enhancing performance and lowering costs to keep pace with evolving customer realities and global security challenges."
Lockheed Martin employs about 136,000 people worldwide.
Copyright Agence France-Presse, 2010