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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (22016)1/23/2005 11:58:20 PM
From: mishedlo  Read Replies (1) of 116555
 
Lockheed Martin Hands Out Layoff Notices
01.20.2005, 08:33 AM

Notices to 220 Lockheed Martin Aeronautics Co. employees say they're subject to layoffs in 60 days as the defense contractor begins cuts in its F-16 Fighting Falcon program that may total up to 1,000 jobs.

The company said the aircraft assemblers, mechanics, painters and other production workers given furlough notices Wednesday would get outplacement services. Some may still be reassigned to other duties.

Lockheed spokesman Joe Stout says it's the first wave of 800 to 1,000 layoffs planned this year in the F-16 work force.

The Fort Worth-based company is moving out of the F-16 fighter jet's development and initial production phases and not as many workers are needed.

As of Jan. 1, Lockheed employed 15,500 workers at the plant in west Fort Worth. The company last year booked no new orders for F-16 fighter jets, with a backlog of about 200 planes. Production would end in late 2008 without new orders.

Also, a Pentagon budget proposal threatens cuts to the F/A-22 Raptor fighter jet program to help pay for the war in Iraq. But Stout said discussions about cutting the Air Force's future F/A-22 purchases were not a factor in the current layoffs.

Thousands of additional jobs could be at stake if the Raptor program is cut back.

forbes.com
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