by Christopher Freeburn | October 7, 2013 10:38 am
A major defense contractor is planning to furlough a number of workers due to the continuing U.S. government shutdown, but not as many as initially announced.
On Friday, Lockheed Martin (LMT) said it would furlough 3,000 workers. However, over the weekend the Pentagon announced that it would recall the majority of its civilian employees. On Monday, Lockheed Martin reduced the number of workers it planned to furlough to 2,400, the Washington Post noted.
Employees in 27 states will be furloughed because of the political impasse that has shut down U.S. government operations since last Tuesday.
Lockheed Martin said that 300 of the furloughed workers are engaged in Pentagon linked projects, while 2,100 others are employed in civilian agency operations. The company employees a total of about 120,000 workers.
Last week, United Technologies (UTX) said it might have to furlough as many as 5,000 workers due to the shutdown.
Shares of Lockheed Martin climbed more than 1% in Monday morning trading.
Source URL: http://investorplace.com/2013/10/lockheed-martin-to-furlough-2400/
Short URL: http://invstplc.com/1nvPhcr
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.