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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.