Posted: Wed, Aug 19, 2009, 7:27 AM ET (1127 GMT)
Lockheed Martin plans to cut 800 jobs in its space unit later this year to improve its "competitive posture", the company announced this week. Lockheed Martin Space Systems Company will eliminate 800 jobs, or about 4.5 percent of its workforce, primarily at its facilities in Denver and Sunnyvale. Company officials said that the cuts are designed to align the company better to projected demand from the Defense Department and NASA in the next several years. Lockheed will provide a voluntary buyout plan before making any layoffs to achieve the desired reductions.

Related Links:

•  Washington Post article
•  Wall Street Journal article (subscription required)
•  Washington Business Journal article
•  Denver Business Journal article
•  Lockheed Martin press release