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Article: Lockheed Martin Consolidation To Save Additional $300 Million Annually
- Article from:
- PR Newswire
- Article date:
- November 18, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. 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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BETHESDA, Md., Nov. 18 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) today announced additional consolidation actions to further enhance the Corporation's competitiveness and produce additional savings to customers against the background of significantly reduced defense spending. When implemented, these actions will complete the consolidation of Lockheed Martin businesses with the defense electronics and systems integration businesses of Loral, which were acquired earlier this year.
As a result of today's action, eight facilities will close, eliminating 2.5 million square feet of excess capacity with a net reduction of 1,600 positions. This reduction will be ...