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Lockheed Martin To Take $175 Million Charge In New Round Of Job Cuts

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Friday, November 15th, 2013

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Lockheed Martin To Take $175 Million Charge In New Round Of Job Cuts

Lockheed Martin Chairman, President and CEO Marillyn Hewson

Faced with continuing federal spending cuts, defense contract Lockheed Martin [LMT] yesterday said it plans to cut 4,000 jobs by mid-2015, an action that will result in a pre-tax charge of $175 million in the fourth quarter of 2013. The company also said the workforce reductions combined with plans to consolidate several of its facilities in the United States will improve operational efficiencies and makes its products and services more affordable. The after-tax charge related to severance costs will be…

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