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Lockheed Space Systems Reduces Workforce

LMCO gpsIII_lo.jpg
June 14, 2011

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Lockheed Martin Space Systems Company, which is developing the GPS IIIA generation of satellites,
announced today (June 14, 2011) a 7.5 percent reduction in its
workforce designed to “address affordability” and improve the company’s
“competitive posture.”

Space Systems, which currently employs approximately 16,000 employees in
12 states, will implement a broad-based workforce reduction of roughly
1,200 employees by year-end, including a 25 percent reduction in middle
management and significantly smaller percentage cuts in other levels and
disciplines.

Operations across the country will be affected, with the largest effect
expected at the company’s sites in Sunnyvale, California, the Delaware
Valley region of Pennsylvania, and Denver, Colorado, where several of
the company’s major programs are transitioning out of development.

Joanne Maguire, executive vice president, Lockheed Martin Space Systems,
said of the planned reductions, “In today’s economic environment, we
have two choices: make painful decisions now or pay a greater price down
the road. This is a difficult but necessary action to improve
efficiencies and make our business more competitive going forward.  We
will remain relentlessly focused on achieving operational excellence and
mission success for our customers as we position to deliver more
affordably in the future.”

Lockheed Martin Space Systems Company designs, develops, tests,
manufactures, and operates a full spectrum of advanced-technology
systems for national security, military, civil government, and
commercial customers. A June 8 article by Washington Technology magazine identified Lockheed Martin as the nation’s largest defense contract, with nearly $10.89 billion in Pentagon business in 2010.

Chief products include human space flight systems; a full range of
remote sensing, navigation, meteorological and communications satellites
and instruments; space observatories and interplanetary spacecraft;
laser radar; ballistic missiles; missile defense systems; and
nanotechnology research and development.

Headquartered in Bethesda, Maryland, Lockheed Martin is a global
security company that employs about 126,000 people worldwide. The
Corporation’s 2010 sales from continuing operations were $45.8 billion.

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