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Lockheed Martin Corp To Consolidate Facilities, Reduce Costs


Thursday, 14 Nov 2013 08:30am EST 

Lockheed Martin Corp announced that it will close and consolidate several of U.S. facilities and reduce workforce by 4,000 positions as part of effort to increase the efficiency of operations and improve the affordability of products and services. These actions are in response to continued declines in U.S. government spending. By mid-2015, the Corporation plans to close operations in Newtown, Pa.; Akron, Ohio; Goodyear, Ariz.; and Horizon City, Texas; and four buildings on Sunnyvale, Calif., campus. The facility closures will result in the elimination of 2,000 positions and ongoing operational efficiency initiatives will result in the elimination of an additional 2,000 positions in the Corporation's Information Systems & Global Solutions (IS&GS), Mission System and Training (MST), and Space Systems business areas by the end of 2014. As part of the consolidation, all program work and some employees will transition to other Lockheed Martin facilities, creating operational efficiencies and reducing costs. Space Systems and IS&GS will transition work to Denver, Colo. and Valley Forge, Pa. facilities. The Corporation is reviewing potential sites to transition the MST work, including facilities in Owego, N.Y. and Orlando, Fla., and expects to finalize plans in early 2014. 

Company Quote

173.05
0.44 +0.25%
22 Oct 2014