GAITHERSBURG, Md., Oct. 26 (UPI) -- Lockheed Martin Information Systems and Global Solutions says it has concluded a voluntary layoff program to reduce the payroll 250 by February.
The program is one of several ongoing affordability measures designed to increase business operational efficiency, the company said.
In September, IS&GS opened its program to a small percentage of eligible salaried employees, allowing workers to volunteer to leave the company with severance benefits.
IS&GS employs nearly 30,000 people in the United States and internationally.
"We continue to assess and implement a variety of affordability initiatives to ensure the long-term competitiveness of our business," said Linda Gooden, executive vice president of Lockheed Martin IS&GS.
"Ongoing efforts are designed to position IS&GS strategically, operationally and financially to support our customers, minimize attrition and deliver value to our shareholders and employees."
Lockheed said this affordability action continues other workforce reductions announced across the corporation of 340 employees from a voluntary and involuntary layoff program for corporate headquarters and Enterprise Business Services employees; up to 1,500 employees at Aeronautics; 1,200 employees at Space Systems; and the Voluntary Executive Separation Program taken by 600 Lockheed Martin senior executives earlier this year.
The VESP program resulted in a reduction of 350 executive positions and is expected to reduce net costs by about $350 million over five years and $105 million each year thereafter.
