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200 workers will lose their jobs

Lockheed Martin is one of the largest and most well known defense companies in the world. Lockheed is the company behind many of our nation's fighter aircraft, including the F-22 Raptor air superiority fighter and F-35 Lightning II multi-role fighter. The company announced this week that it is splitting its Electronic Systems businesses into two new business areas to help position the company for growth and reduce costs. 
 
On December 31, Lockheed Martin will create Missiles and Fire Control (MFC), and Missions Systems and Training (MST) business areas. The addition of these two new business areas brings Lockheed Martin's total to five separate business areas including Aeronautics, Space Systems, and Information Systems & Global Solutions.
 
“Our customers are looking for affordable solutions to their toughest challenges whether intercepting enemy missiles, conducting naval operations in littoral waters, or securing information networks from attack,” said Chris Kubasik, Lockheed Martin Vice Chairman, President and Chief Operating Officer.  “This new structure will allow us to better support our customers around the world and positions our company for sustained long-term growth.”  
 
Lockheed says that the reorganization will streamline its operations and save about $50 million a year by eliminating executive management teams of the Electronic Systems business area and the Global Training and Logistics business unit. The elimination of positions will see approximately 200 employees losing their jobs.
 
“For the past three years, Chris has led an effort to examine all aspects of our business in an environment where every dollar counts,” said Bob Stevens, Lockheed Martin Chairman and Chief Executive Officer.  “This focus on maximizing value for customers and shareholders has already identified billions in savings for our customers and made us more competitive.”
 
The MFC business area will have 16,000 employees and will be headquartered in Dallas. The MST business area will have 19,000 employees and will be headquartered in Washington, D.C.

Sources: Lockheed Martin, Defense News





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