Original message posted on 27-April-2017
MST (Mission Systems & Training) Announces Voluntary Layoff Program
Eligible level 4-7 employees can apply for program through May 11
To ensure we continue to meet the needs of our customers and remain competitive, it’s imperative that our business remains focused on affordability. It’s vital that we become more efficient and reduce costs to maximize the potential of our new organization.
As we regularly do, we also have evaluated the enterprise to determine whether our workforce is the right size for the business we have. In doing that analysis, we have identified the need to reduce our overall workforce by approximately 1,500 positions in 2016.
Today, I am announcing a limited voluntary layoff program for eligible level 4 – 7 heritage MST employees, including those realigned from IS&GS. Employees interested in pursuing this program may apply through May 11 and will qualify for severance benefits upon exiting the business. For a list of positions not eligible for the voluntary program, please refer to this exclusion list. Those interested should apply using this form after reviewing these details.
In addition to the voluntary layoff program, our workforce strategy includes scrutinizing requisitions, managing attrition and implementing an involuntary layoff in mid-July. Employees impacted by the involuntary layoff may be eligible for severance benefits and use of the Employee Assistance Program.
Decisions like this that affect employees on such a personal level are never easy. My hope is that the voluntary layoff program, along with the other element
Lockheed Martin Declares Second Quarter 2016 Dividend
6:08 PM ET, 04/27/2016 - PR Newswire
BETHESDA, Md., April 27, 2016 /PRNewswire/ -- The Lockheed Martin Corporation (NYSE: LMT) board of directors has authorized a second quarter 2016 dividend of $1.65 per share. The dividend is payable on June 24, 2016 to holders of record as of the close of business on June 1, 2016.
I also thought I had read where the end of March was expected to be the closure of the next block purchase of the F-35, but this date had been missed. I have not seen any recent announcements stating the deal had been closed as of yet. I'm wondering if;
1) The new block buy will be included in this Tuesday's earnings announcement from LM, or
2) The government is asking for so low of a price that LM is uncomfortable with signing off on the offer.
Published 10-Feb-2016 in Zacks;
Pentagon to Cut Purchase of Lockheed Martin's F-35 Jets
The U.S. Department of Defense has announced that it plans to purchase fewer F-35 fighter jets from Lockheed Martin Corp. LMT over the next five years, than it had originally planned.
Pentagon’s Plans for the F-35 Jets
Importantly, the Pentagon was forced to cut approximately $4 billion from the F-35 program and other aircraft programs in fiscal 2017, and slash billions of dollars from other procurement accounts to meet the Congress budget deal.
The Pentagon remains committed to the F-35 Joint Strike Fighter program, worth $391 billion, which is the single largest weapons program. However, purchases for the program are expected to slow down a little over the next five years. The Pentagon’s next five-year plan, beginning fiscal 2017 through fiscal 2020, covers the purchase of 299 jets (down by 37 units from the previous expectation). However, the major spurt in orders is not expected to come until the projected purchase of 105 fighter jets in fiscal 2021.
All good points. Additional points to consider;
1) The younger workers may be more familiar with newer technology that is lower in cost (increased productivity)
2) The older workers may have developed the systems, the younger workers may need to only maintain, or modify the current components/systems in place.
3) Many employees may not be able to benefit from a lower retirement age. Costs for medical insurance coverage (until the employee can obtain Medicare at 65) are cost prohibitive.
4) LM Space Systems attempted a voluntary layoff about 3 to 5 years ago. It was oversubscribed by the employees (i.e. more people wanted to leave than what management had expected), resulting in a potential "brain drain".
United Launch Alliance to lay off up to 875 by end of 2017
COLORADO SPRINGS, Colo., April 14 (Reuters) - United Launch Alliance plans to cut up to 875 jobs before the end of 2017 to better compete against rivals bankrolled by billionaire entrepreneurs including Elon Musk and Jeff Bezos, ULA's chief executive officer said on Thursday.
ULA, a partnership of Lockheed Martin Corp and Boeing Co, expects a first round of 375 job cuts to be accomplished this year, mostly through voluntary layoffs. In an interview with Reuters, ULA CEO Tory Bruno said another 400 to 500 employees would be cut by the end of 2017.
"We're in the process of transforming our company," Bruno said.
Wow, a cut of 875 is ~ 25% of the current workforce, pretty deep IMO.
ULA cuts 375 jobs as new commercial space-race heats up
As United Launch Alliance transitions to stay competitive in the new space race, the company confirmed Friday that it is cutting 375 jobs.
Most of the job losses are expected to be voluntary and affected employees will get a severance package, ULA spokeswoman Jessica Rye said.
"As ULA continues our transformation, we have determined that a reduction in force is necessary," Rye said in a statement. "ULA's intention is to accomplish most, if not all of the reductions via voluntary separation. We anticipate up to 375 employees separating from ULA across all five locations."
I saw a report on tonight's local news that ULA will be offering buy-out to 350 employees. The report also stated that ULA has an employment base of ~ 3,500, so 350 would be a 10% reduction.
Does anyone know what type of package was offered to the employees?
The Pentagon formally canceled a remote controlled minehunting system built by Lockheed Martin Corp after years of delays and questions about its reliability, the Defense Department said in a report on Thursday [24-Mar-2016].
It said there was no plan to buy more of the minehunters.
Lockheed Martin, which was building the weapons for use on a fleet of coastal warships, has delivered 10 of the Remote Minehunting Systems since the program began more than a decade ago.
A senior defense official said approximately $750 million had been saved by cancelling the program.
Hmmmm, I suspect some executives may now be behind the power curve on meeting their LMCommit financial objectives for the year.
You may want to check the software/database you are using. I'm showing data (candlesticks & volume) all day on 03/16. (I checked all the way down to 5 minute bars on that day, and it's all there.) No gaps show up in my LMT data for that day.
Ref "What happened at the open for yesterday's trading on LMT?"
Not exactly sure what you saw, but there was some controversy that began on the 15th and ended on the 16th at ULA resulting in the VP of engineering resigning. (ULA is a joint venture between LMT and BA.)
What exactly did you see?
The 2016 LMT Annual Report has been published. The top 5 executives received a 5% pay increase of their base salary for 2016
EO 2015 Base Salary ($) 2016 Base Salary($) %Increase
Ms. Hewson 1,565,000 1,645,000 5%
Mr. Tanner 925,000 970,000 5%
Mr. Bennett 790,000 830,000 5%
Mr. Carvalho 790,000 830,000 5%
Ms. Lavan 735,000 770,000 5%
Lockheed Martin (NYSE:LMT) has announced a voluntary layoff for its Aeronautics business, an area where it's looking to cut about 1,000 positions.The company says the program is available to its mid-level employees in seven locations including facilities in Texas, Georgia, California, Mississippi, West Virginia and Maryland.
Federal auditors have rejected a protest by Boeing and Lockheed Martin and upheld an Air Force decision to award a lucrative new bomber contract to Northrop Grumman Corp.
The Government Accountability Office, a nonpartisan congressional agency that audits federal programs, said Tuesday [16-Feb-2016] that the Air Force's review of bomber bids was reasonable and it did not see a reason to overturn the contract.
I noticed an SEC filing related to the acquisition of LMT stock by Capital World Investors. The filing was dated 12-Feb-2016 at 5:30 pm ET. Reported number of shares acquired was 28,304,237. The percentage of class represented by these shares is 9.2%. The filing also states the following;
Capital World Investors is deemed to be the beneficial owner of
28,304,237 shares or 9.2% of the 307,295,494 shares believed to
be outstanding as a result of CRMC acting as investment adviser
to various investment companies registered under Section 8 of
the Investment Company Act of 1940.
Anyone have any insight into the significance (if any) of this?