Lockheed Martin Cuts Workforce by 740 Employees

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Lockheed Martin Corp (LMT) said it was reducing its workforce by 740 employees at its mission systems and sensors business to save costs amid U.S. defense budget cuts.

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Lockheed, the Pentagon's largest supplier, said it notified 308 U.S.-based employees on Tuesday that they will no longer have employment with the company.

About 432 employees participated in a voluntary layoff program in May, the company said.