Lockheed Martin to Furlough 2,400

by Christopher Freeburn | October 7, 2013 10:38 am

Lockheed Martin to Furlough 2,400

LockheedMartinLogo e1305045062401 Lockheed Martin to Furlough 2,400[1]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[2].

On Friday, Lockheed Martin (LMT[3]) 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[4] 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[5]) said it might have to furlough as many as 5,000 workers due to the shutdown[6].

Shares of Lockheed Martin climbed more than 1% in Monday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/08/LockheedMartinLogo-e1305045062401.jpg
  2. not as many as initially announced: http://www.washingtonpost.com/business/capitalbusiness/lockheed-will-trim-furlough-to-2400-as-pentagon-recalls-most-civilian-workers/2013/10/07/ba5bdbc0-2f52-11e3-9ccc-2252bdb14df5_story.html
  3. LMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=LMT
  4. that has shut down U.S. government operations: http://investorplace.com/investorpolitics/4-government-shutdown-side-effects-you-probably-didnt-realize/
  5. UTX: http://studio-5.financialcontent.com/investplace/quote?Symbol=UTX
  6. might have to furlough as many as 5,000 workers due to the shutdown: http://investorplace.com/2013/10/united-technologies-may-be-forced-to-furlough-5000/

Source URL: http://investorplace.com/2013/10/lockheed-martin-to-furlough-2400/
Short URL: http://invstplc.com/1nvPhcr