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© pinonsky-dreamstime.com Electronics Production | March 05, 2013

Lockheed Martin sounds alarm - potential layoffs

Lockheed Martin, the U.S. defense group, warns on contracts redundancies, closures and cutbacks in manpower.
Thousands of jobs are on the line as a result of the automatic budget cuts in the U.S., which several companies had hoped could have been avoided.

Over the next 10 years, savings of some USD 1.2 billions are planned. One of the sectors most affected by the sequestration is Military & Defense. As such, the industry sector could loose thousands of jobs.

One of the first companies to go out with a warning is Lockheed Martin.

“We are working closely with our customers to understand how sequestration will impact our programs. We know that any significant delay in funding for any production program could threaten the stability of our supply chains, increase costs, prolong delivery schedules and ultimately weaken our national security posture."

"Even though sequestration has now taken effect, we will continue to urge our government leaders to reverse this action and establish a more rational fiscal strategy that better addresses our nation’s challenges."

"While our industry faces significant challenges, we remain confident that with our broad portfolio of products and technologies, a robust and durable strategy and the industry’s best team, we will continue to meet our customers’ evolving needs and generate value for our shareholders. We’ll await further guidance from our customers, and if warranted, will provide affected employees the full notice period required by the WARN Act for covered layoff activity at the appropriate time.”

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