BETHESDA, Md. (AP) – In a story Nov. 14 about Lockheed Martin cutting 4,000 jobs and closing some plants, The Associated Press reported erroneously that Lockheed Martin makes the Patriot missile defense system. Raytheon is the prime contractor of the Patriot missile defense system. Lockheed Martin is a component provider and subcontractor to the Patriot missile defense system.
A corrected version of the story is below:
Lockheed Martin cutting 4,000 jobs, closing plants
Lockheed Martin cutting 4,000 jobs, closing 4 US plants as US gov’t cuts spending
BETHESDA, Md. (AP) _ Lockheed Martin 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. provides components for, and is a subcontractor to, the Patriot missile defense system. It also makes F-35 and F-16 fighter planes. Lockheed Martin 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 added 62 cents to $137.88 in afternoon trading. The stock is up 49 percent this year.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development