Lockheed Martin Cuts 740 Jobs

Lockheed Martin is cutting 740 positions in a Washington, D.C.-based unit. The cuts are spread nationwide. More than half of the workers have left voluntarily. The rest, about 300 people, are getting pink slips. The Mission Systems and Sensors unit counts the Navy, Coast Guard, Air Force, Marines and Army among its customers. It focuses on systems engineering, software development and program management. The cuts represent 5 percent of the unit's workforce. Lockheed Martin held nearly $43 billion in federal contracts last year, but it said it was examining every aspect of its business given the budget pressures facing its customers. It said the cuts would help it stay competitive.