Boeing to cut output, jobs due to Asia

Article Abstract:

Supply and demand will be demonstrated to the ultimate degree as Boeing announces job cuts of 20,000 over and above the 28,000 already announced. The cuts are scheduled to take place over the next 2 years due to the severe impact the Asian economy has had on commercial jetliner orders. The company has tried to get Asian customers to postpone rather than cancel orders and to refinance orders with more favorable terms, but these offers didn't help. The machinists' union was caught offguard by the announcement; it did not know this was coming until reporters broke the story.

Aircraft, Aircraft Manufacturing, Commercial Aircraft, Human resource management, Abstract, Aircraft industry, Boeing Co., BA

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Lockheed unit to cut 2,500 jobs; cites lost contracts

Article Abstract:

Due to the loss of two contracts this year, Lockheed Martin Missiles and Space will eliminate 2,500 jobs by the end of the year. In a competitive market driven by few but large aerospace companies, Missiles and Space lost a $1.6 billion contract to develop a ground-based missile defense system, as well as a smaller contract for a weather satellite. Fifteen hundred workers will be laid off this year, besides those who leave because of retirement or attrition, reducing the unit's workforce by as much as 26%.

Comment:

Company loses as much as 26% of the workforce this year due to two lost contracts

Guided Missile and Space Vehicle Manufacturing, Missiles & Spacecraft, Missiles, Spacecraft, Lockheed Martin Missiles & Space

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Lockheed terminates Northrop merger

Article Abstract:

Lockheed Martin Corp. terminated its planned merger with Northrop Grumman Corp. in one of the biggest antitrust cases in the US. The planned merger was valued at $8.3 billion. The termination of the merger follows six years of rapid consolidation within the defense industry. Both Lockheed and Grumman could not reach an agreement with the Pentagon on how to calm fears about the combined power of the two companies.

Comment:

Lockheed Martin Corp. terminates planned $8.3 bil merger with Northrop Grumman Corp.

Asset sales & divestitures, Acquisitions & mergers, Aircraft & Parts, Aerospace Product and Parts Manufacturing, Legal/Government Regulation, Lockheed Martin Corp., Northrop Grumman Corp.

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