Monday, October 7, 2013

Some Lockheed Martin Furloughs Called Off

Lockheed Martin [NYSE:LMT] announced today that it has reduced the number of employees it plans to furlough as a result of the government shut down from 3,000 to 2,400.


“As a result of Secretary Hagel’s announcement that most of the nearly 400,000 civilian Department of Defense (DOD) employees have been deemed essential for national security, Lockheed Martin will reduce the number of employees who will be affected by government shutdown today," the company stated in a press release.  "The Department of Defense’s decision will not eliminate the impact of the government shutdown on the company’s employees and the business. The company will still have approximately 2,400 employees unable to work because the civil government facility where they perform their work is closed, or we’ve received a stop-work order on their DOD or civil government program."


Of the 2,400 employees, approximately 2,100 work on civilian agency programs and 300 work on DOD programs.  The defense contractor said that the affected employees are located in 27 states, with the majority based in the Washington D.C. metropolitan area.


In Brevard County, Lockheed Martin has operations in West Melbourne, Titusville, Kennedy Space Center, and the Cape Canaveral Air Force Station.  In neighboring Orange County, the company also has operations just east of Orlando, Florida.


When asked on Friday which Lockheed Martin operations would be impacted in Central Florida, company spokesperson, Gordon Johndroe, told Brevard Times that "Today's announcement affects all our business areas across the country. We remain in discussions with our customers to assess individual program impacts. This is an ongoing situation and it’s premature to say where the immediate effects are right now."