Lockheed Martin (LMT) said that in a testimony before the House Armed Services Committee, its Chairman and CEO Bob Stevens has warned against the consequences to U.S. national security and the economy of the automatic cuts known as sequestration, calling on Congress to find a better solution to address its nation's fiscal challenges.
The company said that Stevens outlined Lockheed Martin's recent cost-cutting efforts resulting in billions of dollars in reductions over the past three years, removing 1.5 million square feet in its facilities' footprint, with another 2.9 million square feet reduction before the end of 2014. The corporation has reduced its workforce by 18 percent, or 26,000 employees, since 2009.
Based on the limited information available on how sequestration will be implemented, the company roughly calculated that they could be required to lay off as many as 10,000 employees.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.