SmarTrend(R) News Watch: Lockheed Martin to Slash 750 Jobs

Lockheed Martin Corporation (NYSE:LMT) announced on Tuesday, June 16th, that it plans to cut up to 750 jobs at its upstate New York plant. The cut was promulgated by the Pentagon's recent decision to cancel a Lockheed contract to make presidential helicopters. A total of 4,000 workers are employed at the Owego facility and with this most recent cut, nearly 1,000 will have been slashed. One of the Owego plant's largest projects was a $13 billion contract to build a new fleet of Marine One helicopters that would have been used for the purpose of transporting the President and other top government officials. The Navy formally terminated this contract due to what were deemed to be cost overruns and schedule delays. After an initial period in which Lockheed will accept volunteers, the company will begin laying off workers in mid-July.

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