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Search Tags: Lockheed Martin
Small and medium-sized contractors and suppliers receive 75 percent of appropriated dollars for defense or military programs. But these small businesses, who lack the lobbying power of top- tier defense contractors, may suffer more from sequestration than big companies.
With a tighter defense budget and the threat of sequestration, defense contractors say they may have to lay off thousands of workers and look for business overseas.
A slate of defense industry executives lined up to testify before the House Armed Services Committee Wednesday, telling lawmakers that the automatic budget cuts known as sequestration would be devastating to their businesses and could lead to mass layoffs. The lack of action by Congress, so far, to avert the cuts has led to a "fog of uncertainty" even now, five months away from when sequestration would take effect, the CEO of Lockheed Martin testified.
Lockheed Martin, one of the world's largest defense contractors, has announced a 5 percent workforce reduction at its Mission Systems and Sensors (MS2)business area. The company said it notified 308 of its U.S.-based employees Tuesday "that they will no longer have employment with the company," according to a release.
Lockheed Martin machinists ended their 10-week strike Thursday, approving a new labor deal that includes a $2,000 bonus and annual pay increases starting at 3 percent the first year.
CWTSatoTravel objected to the $1.4 billion E- Travel award going to Concur Technologies. SAIC protested DISA's $4.6 billion award for the Global Information Grid management services to Lockheed Martin. Both protestors are the incumbent contractors.
Lockheed Martin officials announced late Saturday that after four days of negotiations, the aerospace company reached a tentative agreement with the union that represents 3,600 striking employees.
Linda Gooden, the executive vice president of the aerospace and technology giant's information systems and global solutions business area, said agencies are spending more time than ever helping contractors understand their needs. Gooden and Lockheed CEO Robert Stevens' statements are in stark contrast to comments made by a major competitor about the challenges companies face in talking to agencies.
Three of the top five U.S. defense vendors — Northrop Grumman Corp., General Dynamics Corp. and Raytheon Co. — had lower sales in the first quarter of 2012, a trend that may continue as the Pentagon cuts its budget, according to a new report from Bloomberg Government.
The largest federal contractor is struggling to prepare for about $1 trillion in cuts that are due to take effect in January. Retiring-CEO Robert Stevens said agencies will ask vendors to modify contracts and that in turn will drive up the costs of those programs. Lockheed Martin already is taking steps to reduce its spending by consolidating facilities and reducing staff.