LM Announces Workforce Reductions for IT Services Business
- Corporation to Reduce Overhead Costs; Improve Competitiveness
Lockheed Martin (NYSE: LMT) today announced that its Information Systems & Global Solutions (IS&GS) segment will reduce its workforce by approximately 500 positions by mid-November 2015. This action is in response to shifting government priorities, changing industry dynamics and efforts to improve IS&GS’ competitiveness.
Lockheed Martin announced in July 2015 that it would conduct a strategic review of its government IT and technical services businesses, primarily in the IS&GS business segment. The layoffs, while unrelated to the review, are part of a larger effort to optimize IS&GS’ resources and align them to customers’ existing needs and the business climate.
Aviation Cyber Security Market Forecast 2016-2026
The workforce reduction includes voluntary and involuntary layoffs.
“We made these difficult decisions as part of our efforts to remain competitive in an extremely challenging environment where industry dynamics have shifted, customer budgets are constrained and competition has continued to escalate,” said Sondra Barbour, executive vice president of Lockheed Martin IS&GS. “Continuing to reduce our overhead costs, is expected to enable us to be a much leaner and more agile organization which is what is needed to compete effectively.”
Source : Lockheed Martin Corporation (NYSE: LMT) - view original press release