One of the U.S. government's top military providers, Lockheed Martin (NYSE:LMT) plans to lay off some 1,500 workers from its aeronautics business as part of an effort to save costs and increase operational efficiencies.
The business, which currently employs about 28,000 people, will target positions in locations to be determined through an organizational assessment, though most will come from its larger sites in Texas, Georgia and California.
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The remainder of the cuts will come from six smaller locations.
Bold and responsible action is necessary to meet customer expectations and reduce our costs, said Lockheed Martins executive vice president of the aeronautics division, Ralph Heath.
The Bethesda, Md.-based companys customers include the military services of the United States and allied nations.
The move follows a similar downsizing in its space-systems segment last month. The company plans on shedding about 1,200 workers from that unit by the end of the year.