World Economy

Lockheed to Slash Jobs

Lockheed to Slash JobsLockheed to Slash Jobs

Lockheed Martin Corp. plans to cull about 1,000 jobs from its aeronautics division, which makes the F-35 fighter and other military aircraft, amid constrained defense spending, Bloomberg reported. The world’s largest defense company is offering voluntary layoffs to mid-level employees in Texas, Georgia, California, Mississippi, West Virginia and Maryland, Lockheed said in a statement Tuesday. Lockheed has been looking to bolster profit margins in aeronautics, its largest division and the source of about one-third of company revenue, as it speeds up production of the F-35, the Pentagon’s largest weapons system, Douglas Rothacker, a Bloomberg Intelligence defense analyst, said.