Lockheed Martin to Eliminate 750 Jobs
June 16, 2009 by Stephen Kersey
Filed under Business
Lockheed Martin is expected to eliminate as many as 750 jobs, according to various reports. The job cuts are reportedly a result of the federal government’s decision to cancel a contract with the company.
The job losses will be centralized in a Lockheed Martin plant in the state of New York. The plant was responsible for manufacturing the helicopters used by the President of the United States. However, with that contract now canceled, the company will now have to cut the workers.
In total, about 25% of the workers in the New York plant, which is located in the city of Owego, have been lost. Almost the entire blame has been to budget cuts by the federal government.
Since Barack Obama and the rest of the federal government don’t look to fondly upon job losses in this economic climate, it will be interesting to see if there is any reaction to this announcement by Lockheed Martin. Some experts believe that Lockheed Martin might be using job cuts as a tool to ensure more government spending.
Lockheed Martin Helicopter (Image: Flickr)
