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August 18, 2009
Lockheed Martin Corp.'s space-systems unit plans to cut 800 jobs, or about 4.5% of its work force, by the end of the year to match demand.
The technical, managerial and administrative jobs are primarily at plants in Denver and Sunnyvale, Calif.
The reductions are separate from cuts under way at the company's Michoud operations in Louisiana resulting from the end of the space shuttle program in 2010.
"The action we are taking, though difficult, is necessary to adapt to our current projected business base and to maintain an appropriate work force to meet our customers' needs," said Joanne Maguire, executive vice president at Lockheed Martin Space Systems Co.
The unit supplies advanced-technology systems for national-security and military, civil-government and commercial customers.
Its products include space-flight systems, navigation, meteorological and communications satellites and ballistic missiles.
Last month, Lockheed reported a 17% decline in second-quarter profit on pension-related charges and challenges in its information-systems business. The space systems unit's revenue slid 6.6% to $2.06 billion and profit fell 16% to $224 million as commercial deliveries declined.
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