April 20, 2024, 7:29 am

Lockheed Martin to cut 1% of its jobs in cost-cutting push

  • Update Time : Saturday, January 27, 2024
  • 35 Time View
Photo: Collected

The reductions will impact positions across all of its business and enterprise operations

Desk Report:

Lockheed Martin will cut 1% of its jobs over the course of the year in a bid to cut costs and streamline operations, a company spokesperson said on Friday.

The reductions will impact positions across all of its business and enterprise operations, the spokesperson said in a statement to Reuters, adding that the cost-cutting actions will include hiring freezes and voluntary separations.

The Maryland-based defense contractor employs 122,000 people worldwide, according to its website. The cost reductions will aid the company in transforming its operations digitally.

“We’re driving cost reduction in our direct cost base through supply chain optimization, factory productivity and also on 1LMX-driven efficiencies,” Lockheed Martin CFO Jay Malave said in the company’s post-earnings conference call on Tuesday.

1LMX is Lockheed’s name for its transformation program.

Lockheed on Tuesday forecast its 2024 profit below Wall Street expectations, citing supply chain disruptions in its largest aeronautics segment which makes F-35 jets.

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