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Article: South Bay market hit with another round of layoffs; Northrop's purchase of Grumman to cause more firings. (Northrop Corp.; Grumman Corp.) (Real Estate)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 25, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Still reeling from the aftershocks of an aerospace industry gone bad, the South Bay was hit with more earth-shattering news in the first quarter of 1994: Northrop Corp. will layoff 3,000 people companywide, including at least 1,300 employees from its El Segundo and Hawthorne divisions.
And the Los Angeles-based defense contractor's $2.17-billion pending acquisition of Bethpage, N.Y-based Grumman Corp. will result in even more layoffs, Northrop spokesperson Jim Hart said.
"There will be jobs lost in the takeover," said Hart. "There won't be that many of them, compared to this year."
Hart said he had "no idea" just how many or the scope of jobs ...