Lockheed Martin Space Systems to cut 700 jobs
Posted: Fri, Jan 11, 2002, 11:19 AM ET (1619 GMT)
Lockheed Martin Space Systems will cut 700 jobs in 2002 as the division accommodates changes in some of its key programs, the company announced Thursday. Officials said that the end of the initial development phase of the Atlas 5, the end of production of the Titan 4, which is being phased out, and the conclusion of a "key classified program" are the reasons for the cuts, which account for 10 percent of Space Systems' work force. The cuts will primarily affect Lockheed Martin's facilities in the Denver area; many of the cuts will be accomplished through attrition, although some layoffs are expected. The cuts come on top of 180 cuts announced a few months ago, part of a consolidation of facilities in Denver and California, as well as over 1,000 other job cuts that have taken place since 2000.
Lockheed Martin Space Systems will cut 700 jobs in 2002 as the division accommodates changes in some of its key programs, the company announced Thursday. Officials said that the end of the initial development phase of the Atlas 5, the end of production of the Titan 4, which is being phased out, and the conclusion of a "key classified program" are the reasons for the cuts, which account for 10 percent of Space Systems' work force. The cuts will primarily affect Lockheed Martin's facilities in the Denver area; many of the cuts will be accomplished through attrition, although some layoffs are expected. The cuts come on top of 180 cuts announced a few months ago, part of a consolidation of facilities in Denver and California, as well as over 1,000 other job cuts that have taken place since 2000.
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