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Technology Stocks : Loral Space & Communications

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To: Don Limb who started this subject	1/17/2003 11:30:44 AM
From: ebg51	Read Replies (1) of 10852

Lockheed to Keep, Revamp Satellite Unit Friday January 17, 10:25 am ET BETHESDA, Md. (Reuters) - Defense contractor Lockheed Martin Corp. (NYSE:LMT - News) said on Friday it will revamp rather than dispose of its commercial space systems business, which must cope with decreased demand for satellite launches in the weak economy. The company said it will continue to cut costs at the unit, which Lockheed started to restructure in July 2001. Other options had included shutting down the business, which designs and builds satellites for private companies, or forging an alliance with a competitor. Lockheed, which has seen rising profits in its military operations on increased government spending on defense, did not provide details of its cost-cutting plans. The company did not say if the measures would include job cuts at the Newtown, Pennsylvania-based unit. Shares of Lockheed fell 47 cents to $53.28 in Friday morning trading on the New York Stock Exchange.

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