Corporate Short Takes: Lockheed Unit Cuts 2,000 jobs; Texaco Says 'No Thanks' To Chevron

Lockheed Martin Aeronautical Systems plans to cut up to 2,000 jobs over the next year, citing cost-competitive measures. The Lockheed Martin Corp. unit now employs about 9,550 and expects job reductions across all levels, including management. . . . Avondale Industries Inc. has signed a definitive merger agreement to be acquired by Litton Industries Inc. in an all-cash transaction for $39.50 per Avondale common share. Prior to the agreement with Litton, Avondale's board terminated Avondale's previously announced merger deal with Virginia-based Newport News Shipbuilding Inc. The transaction is valued at about $529 million, Litton said. . . . Texaco said that its board of directors has told the company's management to end merger talks with Chevron Corp.. Texaco said it found no compelling basis for discussions to continue and found Chevron's offer to be "unacceptable for reasons including complexity, feasibility, risk and price." . . . MotivePower Industries Inc. agreed to purchase Westinghouse Air Brake Co. in a stock swap that will form a company with a market capitalization of $1 billion. The combined company will retain the MotivePower name and stock symbol, "MPO.". . .Swiss pharmaceuticals maker Roche Holding AG said it will exercise an option to acquire the shares of U.S. biotechnology company Genentech Inc. it doesn't already own and subsequently float a stake of up to 19% in a public offering. By Bridge News, Bridge Information Systems