Lockheed Martin To Close Plants, Lay Off Workers

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Lockheed Martin says it's forced to reduce costs as federal defense spending declines. The nation's largest military contractor announced plans on Thursday to eliminate 4,000 jobs over the next year and a half. It also plans to close plants in several states including California, Pennsylvania and Ohio.

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STEVE INSKEEP, HOST:

NPR's business news starts with layoffs at Lockheed Martin.

As the federal budget goes, so go defense contractors. Lockheed Martin says it's forced to reduce costs as federal defense spending declines. The nation's largest military contractor announced plans yesterday to eliminate 4,000 jobs over the next year and a half. Lockheed Martin also plans to close plants in several states, including California, Pennsylvania and Ohio.

The announcement reflects ongoing efforts to trim costs. Lockheed Martin has shed 30,000 jobs in the last five years.

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