Home » US business news • US Employment News » Aerospace company Lockheed Martin starts cutting 800 employees
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Lockheed Martin is laying off 800 employees in its rotary and mission systems division.
A company spokesperson said the cuts are done by transferring staff to its other subsidiaries, and gradual attrition.
They called it "a limited number" of job losses.
The firm has earmarked $100 million to pay for severance and other costs of the restructuring in the fourth quarter of 2022.
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A senior official with the Teamsters union said the reductions would not affect union membership, but instead "salary" employees.
Last month, union members signed a new contract that provides for an 18 percent pay rise and cost-of-living allowances over five years.
The deal lets all insured members receive a $5,000 bonus and a 50 percent company match if they deposited in a company savings plan.
The contract deal also calls for Lockheed Martin to offer up to 250 workers' voluntary departure packages this year, with more offered over the next two years.
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Packages would include an option to choose a $20,000 lump-sum pay, one week's compensation for every year of Lockheed Martin service, and a year of free health coverage.
A second option would add a second year of health insurance but reduce the lump sum to $5,000.
Lockheed Martin's rotary and mission systems unit employs 35,000 staffers.
The job cuts will also affect its Stratford-based subsidiary, Sikorsky.
But the aerospace company did not provide any details on the impact on its Connecticut operations.
Source: CT Insider
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