Lockheed Martin Announces Layoffs

Lockheed Martin informed employees of its Mission Systems and Training business Monday that a round of layoffs will take place, and approximately 300 positions nationwide will be affected. Lockheed has over 2,700 employees at its Owego location, where electronic systems, mission systems and sensors, and ship and aviation systems are the main focus. The impact of the layoffs on the Owego location was not disclosed by the company. Lockheed Martin Mission Systems and Training employs over 18,000 people in the United States and nine other countries. According to company officials, the layoffs will take place partially due to an uncertain amount of funding and an extremely competitive market. The Mission Systems and Training division of Lockheed had approximately $7.5 billion in sales in 2012.