Lockheed Martin cuts workers

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WASHINGTON, July 11 (UPI) -- Faced with shrinking defense and equipment acquisition budgets Lockheed Martin has cut its workforce by 5 percent in one business sector.

The affected area is the company's Mission Systems & Sensors business unit.

Lockheed said this week it had sent pink slips to 308 U.S.-based MSS employees. In May, under a voluntary layoff program, the MSS sector shed 432 workers.

"Given the budget pressures facing our customers, Lockheed Martin is examining every aspect of our business to ensure we are as efficient and cost effective as possible in meeting their needs," said Dale P. Bennett, president of Lockheed Martin Mission Systems & Sensors Business. "Reducing our workforce is a difficult but necessary decision to position our business for future growth and ensure we remain competitive."

Details on the geographic locations of affected workers and services that will be offered them by the company were not disclosed.