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News briefs: April 29
Posted: Tue, Apr 30, 2002, 10:35 AM ET (1435 GMT)
- Lockheed Martin announced Monday that it will eliminate 400 jobs at its Missiles and Space Operations unit as part of a cost-cutting effort. The jobs, at Lockheed Martin's Sunnyvale, California, facility, will be eliminated by the end of the year primarily through layoffs. The move was described as an effort to adjust to the company's projected business base.
- Intelsat plans to sell shares for between $21 and $28 each when it conducts its initial public offering later this year, Reuters reported Monday. Citing a preliminary prospectus filed with the SEC and released on Monday, the report said that the company had not disclosed the number of shares it plans to sell. The company plans to use the funds raised from the IPO to pay off $200 million notes and for general corporate purposes.
- The orbital module of China's Shenzhou 3 spacecraft has maneuvered into a higher orbit, a possible prelude to possible future uses for the spacecraft. The module, left in orbit after the descent module returned to Earth at the beginning of April, may be used as the target for a rendezvous or docking by Shenzhou 4, which Western analysts believe may be launched later this year. The higher orbit of the orbital module may also mean China will soon detach a small communications satellite attached to the module.
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