BETHESDA, Md., Sept. 10 (UPI) -- Lockheed Martin is cutting about 500 positions at its Information Systems & Global Solutions business segment by mid-November.
The workforce reduction "is in response to shifting government priorities, changing industry dynamics and efforts to improve IS&GS' competitiveness," it said.
Voluntary and involuntary layoffs are included in the employee reduction number.
"We made these difficult decisions as part of our efforts to remain competitive in an extremely challenging environment where industry dynamics have shifted, customer budgets are constrained and competition has continued to escalate," said Sondra Barbour, executive vice president of Lockheed Martin IS&GS. "Continuing to reduce our overhead costs, is expected to enable us to be a much leaner and more agile organization which is what is needed to compete effectively.
"I understand the impact that this announcement will have on our employees. This is not a decision that was made lightly and Lockheed Martin remains committed to its employees and in positioning the business for future success."
The company last July announced a strategic review of its government IT and technical services businesses. The decision to cut 500 jobs, however, is is unrelated to the review, it said.
