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Lockheed to cut 4,000 jobs as U.S. government spending wanes
November 14, 2013 / 1:51 PM / 4 years ago

Lockheed to cut 4,000 jobs as U.S. government spending wanes

(Reuters) - Defense contractor Lockheed Martin Corp (LMT.N) said on Thursday it plans to cut 4,000 jobs, or more than 3 percent of its worldwide workforce, to cope with declines in U.S. spending.

Workers can be seen on the moving line and forward fuselage assembly areas for the F-35 Joint Strike Fighter at Lockheed Martin Corp's factory located in Fort Worth, Texas in this October 13, 2011 handout photo provided by Lockheed Martin. REUTERS/Lockheed Martin/Randy A. Crites/Handout

The weapons maker will close operations in Akron, Ohio; Newtown, Pennsylvania; Goodyear, Arizona; and Horizon City, Texas, by mid-2015. The company said four buildings at its Sunnyvale, California, operation will also be shuttered.

The plant closures will eliminate 2,000 positions, Lockheed said, while “operational efficiency initiatives” will pare an additional 2,000 jobs in its information systems and global solutions, mission system and training and space systems business segments by the end of 2014.

U.S. defense companies have shed noncore divisions and cut jobs in recent years as the United States, the world’s largest weapons buyer, cut military spending.

Lockheed, the No. 1 supplier to the Pentagon which builds F-35 fighter jets, satellites, missile defense equipment and warships, said the latest cuts reflected continued efforts to bring down costs. Since 2008, the company has pared its workforce by 30,000 employees to 116,000 worldwide.

Reporting by Karen Jacobs in Atlanta; Editing by Gerald E. McCormick and Jeffrey Benkoe

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