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)

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Lockheed Martin to Eliminate 750 Jobs

In all, Lockheed Martin says it will conduct 70 critical design reviews. To help, the company will partner with General Dynamics of Arizona and ITT of New Jersey.

When the critical design review stage is complete in the fall of 2010, there will be one final review that will make sure that the design of the GPS II will meet the requirements of both the U.S. Air Force and civilians around the world who will use the GPS technology.

Said Dave Podlesney of Lockheed Martin: “Our GPS III team continues to execute on schedule, on budget, and is rapidly moving forward in the Critical Design Review stage of this vitally important program. We look forward to an efficient and thorough CDR focused on operational excellence and mission success for our customer and GPS users worldwide.”

According to Lockheed Martin, GPS III will improve timing, navigation and position services.

Lockheed Martin (Image: Flickr)

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Lockheed Martin Moving Ahead with GPS III

Lockheed Martin (Image: Flickr)

Following the news of the contract, stock for Lockheed Martin shot north. The latest numbers has Lockheed Martin stock valued at more than $83.60.

The Air Force will use Lockheed Martin’s satellite work to do a number of tasks including the ability to track missiles from hostile locations. The program for this specific satellite is called SBIRS — or Space Based Infrared Systems.

Going by revenue, Lockheed Martin is billed as the biggest defense contractor in the entire world. It’s revenue in 2008 was believed to be more than $42 billion. The company is currently headquartered in Bethesda, Maryland.

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Lockheed Martin Lands $1.5B Contract