Lockheed Martin has announced the reduction of their staff just six months after announcing the cut for 500 employees. The advanced technology company is letting go 200 employees from the IT team because of their alliance with Leidos.
Lockheed Martin is an advanced technologies company that works in aerospace and defense security around the globe. It specializes in ATC systems, ballistic missile, defense elements, combat systems, among others.
It was first created because of the merge Lockheed Corporation and Martin Marietta had back in 1995, located in Bethesda Washington, the company holds over 126,000 employees worldwide.
Lockheed Martin is considered as the world’s largest defense contractor in the technology and defense business since is one of the main contractors for the US government. In 2013 around 78% of the company’s revenues came from military sales to the government and a 10% of that percentage came from payments from the Pentagon.
Over 700 employees have been let go from the company
Six months ago, Martin’s announced they were going to let go 500 employees around the globe because of the company’s new alliance with security defense company Leidos.
Marillyn Hewson the CEO of Lockheed Martin, assured at the time that the merger was “an important milestone in the portfolio reshaping strategy we announced in July 2015 and allows us to focus on our core business in aerospace and defense.”
The company is letting go of its IT team that work in the Information Systems & Global Solutions unit. A spokesman from the company has assured the jobs are being cut as a part of the merger process.
The merger is estimated at $5billion and it is expected to maintain its focus on the F-35 Joint Strike Fighter aircraft, which is a project that started back in 2011 and it is still in progress.
The merger will leave Lockheed with three seats on the new board and shareholders will receive 50.5% share in the new company.
Source: IB Times