According to a report by Reuters, citing sources, Lockheed Martin plans to cut 1% of its workforce over the course of 2024, as it seeks to reduce costs and streamline operations.
According to the report, the cuts will affect positions across all of Lockheed Martin’s business and enterprise operations.
The cost-cutting actions will include hiring freezes and voluntary separations.
The US defense company currently has 122,000 employees globally.
The cost cuts are expected to help Lockheed Martin transform its operations digitally.
“We’re driving cost reduction in our direct cost base through supply chain optimization, factory productivity and also on 1LMX-driven efficiencies,” Lockheed Martin’s Chief Financial Officer Jay Malave was quoted as saying by Reuters.
The shares of Lockheed Martin Corp (LMT) closed 0.26% ($1.13) lower at $429.91 in New York on Friday, as they extended the losses from the previous three market sessions.
The security and aerospace company’s total market cap now stands at $103.885 billion.
The shares of Lockheed Martin Corporation went down 6.83% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have retreated 5.15% so far this year.
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