Lockheed to Cut Jobs at Space Systems Unit
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Lockheed Martin Corp., the largest defense contractor, will eliminate about 360 jobs at its Space Systems business, which was supposed to build four satellites and provide services for the company’s failed Internet telecommunications venture.
The job cuts, which represent about 1.4% of the unit’s work force, will reduce expenses by about $30 million a year, Lockheed said. The job reductions, through firings, attrition and transfers, will take place in Denver and Sunnyvale, Calif.
Lockheed said Monday that it expects to write down the value of its $400-million investment in Astrolink International, a sign that the $3.7-billion satellite communications project might fold. Demand for Internet services wasn’t as strong as many companies and analysts anticipated, prompting the bankruptcy of several telecommunications and content providers.
Shares of Bethesda, Md.-based Lockheed fell 31 cents to $47.54 on the NYSE.
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