BETHESDA, Md. (AP) — Lockheed Martin is eliminating about 500 jobs from its Information Systems & Global Solutions segment, as the defense contractor adjusts to changing government priorities and tries to sharpen its competitiveness.
The aerospace and defense company employs about 112,000 people globally, so the cuts amount to less than 1 percent of its total workforce.
The Bethesda, Maryland, company says the reductions will include voluntary and involuntary layoffs and will be completed by mid-November.
Lockheed also said in July it would review options for its government information technology and technical services business, mainly in Information Systems & Global Solutions.
The layoff announcement comes more than a month after Lockheed Martin Corp. also said it will spend $9 billion to buy Black Hawk helicopter maker Sikorsky Aircraft.
Its shares edged up in morning trading.