Northrop Grumman (NYSE:NOC) layoffs are coming for hundreds of the aerospace and defense technology company’s employees.
These Northrop Grumman layoffs were revealed in a WARN letter sent to the state of Arizona. This letter warns of a potential 543 job cuts at the company’s Arizona facilities. It’s worth mentioning that Northrop employs 4,200 people in the state.
Northrop Grumman said the following about the layoffs in a statement to the Phoenix Business Journal:
“We have provided all potentially impacted employees with advanced notice and have begun the process of working to match them with existing opportunities across the company […] These efforts are ongoing and we expect a higher number of employees will receive WARN notices than may ultimately be impacted.”
What’s Behind the Northrop Grumman Layoffs?
Northrop Grumman doesn’t provide a specific reason for the job cuts in its WARN letter. However, traders will note that the company lost out on a $17 billion contract with the U.S. Missile Defense Agency.
On top of that, these aren’t the first Northrop Grumman layoffs this year. The company also cut about 1,000 jobs in California in February.
NOC stock is down slightly as of Tuesday morning and is down 7.7% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
