Lockheed Martin Cuts Workforce by 740 Employees


Lockheed Martin Corp (NYSE: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.

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.

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