Archive for 'LMT'

Lockheed Martin (NYSE: LMT) Announces Layoff of 1,200

Lockheed Martin (NYSE: LMT) Announces Layoff of 1,200-Image by Getty Images via @daylife

Lockheed Martin Space Systems Company, a major business area of the Lockheed Martin Corporation (NYSE: LMT), announced today employment reductions designed to address affordability and improve its competitive posture.

Space Systems, which currently employs approximately 16,000 employees in 12 states, will implement a broad-based workforce reduction of roughly 1,200 employees by year-end.  It is anticipated that middle management will be reduced by 25 percent, with significantly smaller percentage impacts in other levels and disciplines.

Operations across the country will be affected, with the largest impact expected at the company’s sites in Sunnyvale, Calif., the Delaware Valley region of Pennsylvania, and Denver, Colo., where several of the company’s major programs are transitioning out of development.

Joanne Maguire, executive vice president, Lockheed Martin Space Systems, said, “In today’s economic environment, we have two choices: make painful decisions now or pay a greater price down the road. This is a difficult but necessary action to improve efficiencies and make our business more competitive going forward.  We will remain relentlessly focused on achieving operational excellence and mission success for our customers as we position to deliver more affordably in the future.”

Space Systems will offer eligible salaried employees an opportunity for a voluntary layoff to minimize the number of involuntary layoffs that will occur.  The company also will provide career transition support to those affected by this workforce reduction.

Lockheed Martin Space Systems Company designs, develops, tests, manufactures, and operates a full spectrum of advanced-technology systems for national security, military, civil government, and commercial customers. Chief products include human space flight systems; a full range of remote sensing, navigation, meteorological and communications satellites and instruments; space observatories and interplanetary spacecraft; laser radar; ballistic missiles; missile defense systems; and nanotechnology research and development.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2010 sales from continuing operations were $45.8 billion.

Media Contacts:

Steve Tatum, 408-742-7531; email, stephen.o.tatum@lmco.com
Charles Manor, 408-742-3397; email, Charles.manor@lmco.com

http://www.lockheedmartin.com

Lockheed Martin

Lockheed Martin-Image by Getty Images via @daylife

Today Lockheed Martin (NYSE: LMT) Chairman and Chief Executive Officer Bob Stevens delivered an update on key programs and shared details of the company’s affordability initiatives to journalists attending the company’s 2011 Media Day.

Referring to a “new reality” for the Department of Defense and Lockheed Martin, Stevens said “we know the challenges that we will face together are significant. The global security environment is only growing more volatile and complex, while economic resources are sure to be constrained as we focus on deficit and debt reduction, which is why we continue to give cost reduction and affordability a top priority across the company.”

“Since our last Media Day we have consolidated facilities, divested two businesses, reduced the senior employee ranks by 26 percent, reduced expenses, frozen the salaries of our most senior employees and are critically examining every process, purchase, and transaction to get as lean and agile as we can be,” Stevens continued.

In his remarks, Stevens outlined more than $500 million in cost reductions from recent initiatives, including $350 million attributed to the recent voluntary executive separation program (VESP), and several hundred million dollars in additional overhead cost savings in 2011 to be built into forward pricing proposals.

Noting that Lockheed Martin was off to a good start in 2011, Stevens said the company’s major programs are performing well and earning customer confidence.  “In our business, nothing substitutes for solid execution and I’m pleased to say the majority of our programs are on plan.”

Stevens credited the company’s success to the character and commitment of its 126,000 employees.

“In this time of great challenge…perhaps the area in which I am most proud is the area where we have remained very constant,” Stevens said. “And that area is the character and culture of this enterprise; by maintaining absolute integrity and the highest ethical standards in business conduct, principled leadership, and the dedicated professionalism in all that we do and responsible corporate citizenship.”

Stevens reinforced the Corporation’s dedication and focus on delivering for its customers, “we’ll focus on their missions and we’ll continue to focus on the work we do to support them.  We all feel it’s a great privilege to serve the people that we get to work for.”

To read the full transcript of Stevens’ Media Day remarks, click here.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2010 sales from continuing operations were $45.8 billion.

For additional information, visit our Web site:

http://www.lockheedmartin.com
http://www.lockheedmartin.com

Lockheed Martin (NYSE: LMT) Gets Contract From U.S. Army

Lockheed Martin (NYSE: LMT) Gets Contract From U.S. Army-Image via Wikipedia

Lockheed Martin (NYSE: LMT) has received a $139.6 million contract to provide 44 combat-proven High Mobility Artillery Rocket Systems (HIMARS) to the U.S. Army. This order will increase the Army’s HIMARS launcher fleet to 375, with deliveries continuing through January 2013. Work on the contract will be performed at the company’s facilities in Camden, AR, and Grand Prairie, TX.

“HIMARS brings soldiers an agile, responsive and accurate delivery system of extremely precise fires,” said Col. David J. Rice, U.S. Army program manager for Precision Fires, Rocket and Missile Systems. “HIMARS continues to impress everybody with its performance and versatility, the system is reliable, robust and exceptionally effective in theater.”

The system can accommodate a six-pack of Guided MLRS rockets or one Army Tactical Missile System missile. HIMARS, a highly mobile artillery rocket system based on the Army’s FMTV five-ton truck, is designed to launch the entire MLRS Family of Munitions.

“Half of the more than 1,900 Guided Multiple Launch Rocket System (MLRS) rockets expended by the U.S. Army and Marine Corps in Iraq and Afghanistan have been fired from HIMARS,” said Scott Arnold, vice president for Precision Fires at Lockheed Martin Missiles and Fire Control. “HIMARS has proven itself to soldiers to be highly reliable and relevant in today’s battlefield, and its operational readiness rate continues to exceed requirements, a testament to the quality of the system.”

HIMARS is designed to enable troops to engage and defeat artillery, air defense concentrations, trucks, light armor and personnel carriers, as well as support troop and supply concentrations, HIMARS can move away from the area at high speed following missile launch, well before enemy forces are able to locate the launch site. The U.S. Army and Marines operate HIMARS, as do several international allies.

Because of its C-130 transportability, HIMARS can be deployed into areas previously inaccessible to heavier launchers and provides a force multiplier to the modular brigade. It also incorporates the self-loading, autonomous features that have made MLRS the premier rocket artillery system in the world. The HIMARS fire control system, electronics and communications units are interchangeable with the existing MLRS M270A1 launcher, and the crew and training are the same. HIMARS is a crucial component in today’s military theaters of operation.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 132,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2010 sales from continuing operations were $45.8 billion.

For additional information, visit our Web sites:

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http://www.lockheedmartin.com

Lockheed Martin (NYSE: LMT) to Create Air Traffic System in Kazakhstan

Lockheed Martin (NYSE: LMT) to Create Air Traffic System in Kazakhstan-Image via Wikipedia

Lockheed Martin (NYSE: LMT) today signed a $49.9 million contract with Kazaeronavigatsia RSE, the air navigation service provider in the Republic of Kazakhstan. Lockheed Martin has been contracted to deploy additional Skyline® air traffic management automation systems, and maintain this national system through 2025. This contract will create the first national air traffic management system in the Republic of Kazakhstan.

“For many years, Lockheed Martin and Kazaeronavigatsia have enjoyed a strong partnership,” said John Mengucci, president of Lockheed Martin’s Information Systems and Global Solutions-Civil organization, at the signing at the 2010 Air Traffic Control Association (ATCA) Annual Conference and Exposition.   “We are privileged and excited to continue our collaboration to develop the region’s most advanced national air traffic management infrastructure.”

The Skyline® system is a comprehensive, commercial off-the-shelf solution that features flight data processing (FDP) and surveillance data processing (SDP) capabilities that can function as a tower, terminal area, procedural or flow monitoring system service. It provides a flexible configuration of features and functions to fit customer requirements.

This is the fifth contract awarded to Lockheed Martin as Kazaeronavigatsia enhances its capabilities to apply advanced technology to manage Kazakhstan’s national airspace. This new contract will allow for the installation of the Lockheed Martin Skyline® system in the new Almaty Area Control Center (ACC) and in thirteen airfield towers. It also will allow for upgrades of the Skyline® systems at the Astana ACC and the Aktobe ACC.

“Our decision to continue cooperation with Lockheed Martin on further modernization of our air traffic management system in Kazakhstan was based on the company’s reputation and proven ability to deploy systems on time and within the budget for our Astana and Aktobe ACC’s,” said Director General Sergey Kulnazarov of Kazaeronavigatsia RSE. “The new program will guarantee flawless operations of the Kazakhstan air traffic control system throughout its lifecycle.”

This contract follows a $15.5 million contract award to Lockheed Martin in 2007 to deploy a Skyline® air traffic management system at the ACC in Aktobe, Kazakhstan and four airfield towers.

Under this contract Kazakhstan established the first regional Civil-Military Coordination Centre “Omnyx.”

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 133,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2009 sales from continuing operations were $44.0 billion.

For additional information, please visit: http://www.lockheedmartin.com.

SOURCE Lockheed Martin