LMT - Lockheed Martin To Slash 1% Of Global Workforce Amid Cost-Cutting Measures | Benzinga
Defense contractor Lockheed Martin (NYSE:LMT) has revealed plans to eliminate 1% of its global workforce as part of a cost-reduction strategy.
What Happened: Lockheed Martin intends to reduce its workforce by 1% over the course of 2024 in a bid to streamline operations and decrease costs, CNBC reported.
The job cuts will span across all business and enterprise operations. The company’s cost-cutting initiatives will also encompass hiring freezes and voluntary separations, as per a company spokesperson.
Lockheed Martin, headquartered in Maryland, currently has a global workforce of 122,000. The company is confident that these cost reductions will facilitate the digital transformation of its operations. The job cuts will impact over 1,200 employees.
“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 stated during the company’s ...