Lockheed Martin Reducing Workforce At Missiles And Fire Control Segment

Lockheed Martin [LMT] said it is trimming 250 positions from its workforce at its Missiles and Fire Control (MFC) segment to lower its costs.

“There is no single program that caused the change. It’s just an overall belt tightening,” the company said in a statement. “This action is a normal response to changes in our overall business base.”

Air Force Joint Air-to-Surface Standoff Missile designed and produced by Lockheed Martin's Missiles and Fire Control segment. Photo: Lockheed Martin

Air Force Joint Air-to-Surface Standoff Missile designed and produced by Lockheed Martin's Missiles and Fire Control segment. Photo: Lockheed Martin

The reductions, which will be achieved through various means including involuntary layoffs, will occur between now and late November, the statement said.

Lockheed Martin said the actions will happen at most of its United States operations, although its Special Operations Forces Contractor Logistics Support Services and Technical Services businesses won’t be affected.

The company said that programs at MFC are performing well and the segment’s “future outlook remains strong.”

The MFC segment had $7.7 billion in sales last year. This year the company is forecasting between $7 billion and $7.3 million in sales at the segment.





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