Lockheed Martin Slashes 4000 Jobs after Budget Cuts

Lockheed Martin Slashes 4,000 Jobs, Shutting Factories

Lockheed plans to shutter facilities in Akron, Ohio; Goodyear, Arizona; Newtown, Pennsylvania and Sunnyvale, California.

NEW YORK CITY -- Defense contractor Lockheed Martin (IW 500/29) said Thursday it would cut 4,000 jobs and close four facilities.

The cuts are "in response to continued declines in U.S. government spending," the company said.

Lockheed plans to shutter facilities in Akron, Ohio; Goodyear, Arizona; Newtown, Pennsylvania and Sunnyvale, California.

The facility closures will eliminate 2,000 jobs with another 2,000 jobs slashed due to corporate reorganization efforts.

"Reducing our workforce of dedicated employees and closing facilities are among the most difficult decisions we make," said Marillyn Hewson, Lockheed Martin chief executive.

"In the face of government budget cuts and an increasingly complex global security landscape, these actions are necessary for the future of our business and will position Lockheed Martin to better serve our customers."

Copyright Agence France-Presse, 2013

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