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News > Companies
Lockheed may trim $2.8B
February 14, 2001: 7:41 a.m. ET

Report: defense contractor plans more cuts as commercial space unit sags
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NEW YORK (CNNfn) - Lockheed Martin Corp. plans to cut an additional $2.8 billion of costs by the end of 2003 from its sprawling aerospace and defense operations as part of the second phase of its financial restructuring, the Wall Street Journal reported Wednesday.

The paper said the Bethesda, Md.-based company has struggled to rein in costs and overcome problems on several key military programs in the past 18 months.

graphicThe world's largest defense contractor has also been looking for ways to reduce its financial exposure to a commercial space business that hasn't yielded the kind of returns initially expected, the paper reported, sourcing top Lockheed executives.

"Lockheed's growth opportunities are not going to be in space," the Journal quoted company president Robert Stevens.

Last year, Lockheed (LMT: Research, Estimates) slashed $1.2 billion of costs by enforcing leaner management techniques throughout the company, and the company so far has not given specific details on the second phase of its financial revamping.

Shares of Lockheed finished Tuesday's trading up $2.01 at $36.91. The stock has been in a 52-week range of $37.58 and $16.50. graphic




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