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-Lockheed Martin Announces Voluntary Plan to Reduce Corporate Staff in Continuing Focus on Affordability.

Global Banking News-July 20, 2011--Lockheed Martin Announces Voluntary Plan to Reduce Corporate Staff in Continuing Focus on Affordability(C)2011 ENPublishing -

ENP Newswire - 20 July 2011

Release date- 19072011 - BETHESDA, Md. - Lockheed Martin Corporation [NYSE: LMT] today announced a voluntary layoff program for Corporate Headquarters and Enterprise Business Services employees intended to reduce overhead and improve affordability.

The voluntary layoff program will align the corporate staff with the needs of the Lockheed Martin businesses, which recently announced workforce reductions to improve the affordability of products and increase operational efficiency and agility.

Approximately 6,500 U.S. based salaried employees at all levels in the Corporate Headquarters and Enterprise Business Services organizations are eligible for the voluntary program. Under the terms of the program, volunteers are offered a competitive severance package to leave the company in the fall.

This action follows the recently announced workforce reductions of up to 1,500 employees at Aeronautics, 1,200 employees at Space Systems and the Voluntary Executive Separation Program (VESP) taken by 600 Lockheed Martin senior executives earlier this year. The VESP program resulted in a total reduction of 350 executive positions and is expected to reduce net costs by approximately $350M over the next 5 years and $105M per year, each year thereafter.

Based on the number of volunteers and budget considerations, the company will make a determination on the need for future involuntary reductions.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.


Jennifer WhitlowTel: 301-897-6352Email:

Jeff AdamsTel: 301-897-6308Email:

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Publication:Global Banking News (GBN)
Date:Jul 20, 2011
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