JANUARY 28, 2024 — MASSIVE LAYOFF AHEAD
The company has announced it will reduce its workforce by one-percent over he course of 2024 as it implements efficiency and cost-savings initiatives.
The reductions will impact positions across all of its business and enterprise operations, and the cost-cutting actions will include hiring freezes and voluntary separations.
The Maryland-based defense contractor employs 122,000 people worldwide, according to its website. The cost reductions will aid the company in transforming its operations digitally.
Lockheed Martin CFO Jay Malave noted, "We're driving cost reduction in our direct cost base through supply chain optimization, factory productivity and also on 1LMX-driven efficiencies.
"A key driver of this strategy is our new 1LM transformation, or as we call it, 1LMX, a multibillion-dollar, 7-year, company-wide program to transform our end-to-end business processes and systems. 1 will create a model-based enterprise with a fully integrated digital thread throughout the design, build and sustain product life cycle. And part — as part of our ongoing corporate stewardship approach — we are conducting an internal review to identify potential synergies between our 4 business areas, further cost-reduction opportunities and a general portfolio review with the goal of increasing operating efficiency in anticipation of our future growth."
JANUARY 25, 2023 — 800 POSITIONS IN ROTARY WING BUSINESS
Lockheed Martin announced that is cutting 800 jobs in its rotary and mission systems division, including Stratford, Connecticut-based.
According to a spokesperson, the company would cut the jobs through a mix of transfers to other Lockheed Martin subsidiaries, attrition through people leaving of their own accord, and a limited number of job cuts.”
NOVEMBER 16, 2020 — Original post…
Bethesda, Maryland-based Lockheed Martin Corporation, the iconic aerospace, defense, arms, security, and advanced technologies company, has announced that Lockheed Martin Logistic Services will be laying off 90 employees located at the company Jacksonville, Florida at the Cecil Commerce Center by the end of 2020.
The decision was driven by the expiration of a government contract to maintain the Customs and Border Protection's fleet of Lockheed P-3 Orion, a four-engine turboprop anti-submarine and maritime surveillance aircraft. The contract will be assumed by Northrop Grumman.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?