Lockheed Martin To Close Plants, Lay Off Workers
(SOUNDBITE OF MUSIC)
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.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.