More Layoffs At Lockheed Martin
BACK IN AEROSPACE'S 1980S heyday, Lockheed and Martin Marietta had a total of 276,000 workers. Then the cold war ended, and the two giant contractors merged. Now, the combined company, called Lockheed Martin, is down to 170,000 employees and shrinking fast: On June 26, it announced plans to shed 19,000 jobs by 1999. Lockheed will take a second-quarter pretax charge of $525 million, but expects annual savings of $1.8 billion. With Congress expected to nick the Pentagon and NASA, further workforce cuts haven't been ruled out.