Lockheed Martin to Lay Off 800

August 18 2009, 11:12 AM

As Lockheed Martin Space Systems Co. hailed the successful launch of an Air Force satellite from Cape Canaveral yesterday, it also announced it would cut 800 jobs by the end of the year. That's about 4.5 percent of its workforce, and the cuts will come primarily from plants in the Denver area and Sunnyvale, California, according to The Wall Street Journal. The space-systems company provides a range of equipment, including national-security and military space systems, ballistic missiles, and communications satellites. Lockheed's profits have been slipping in recent months, and the workforce reduction is expected to occur through layoffs as well as incentives for voluntary departures, writes the Denver Business Journal, which reports that it is right now unclear how many cuts are planned for the Denver area. Lockheed's Waterton Canyon campus, west of Denver, is home to projects like the Viking and Phoenix Mars missions and the development of the Orion space capsule for NASA's manned space program.