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Business/Financial

Job Losses Already Set For Lockheed Employees As Space Shuttle Fleet To Retire By 2010

DDN

Monday, August 4th, 2008

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Thousands of job losses stemming from the space shuttle fleet retirement, long feared, are about to begin. Lockheed Martin Corp. [LMT] announced that this fall it will begin workforce reductions at the Michoud Operations in Louisiana, a state already hard hit by Hurricane Katrina. Layoffs will begin this fall and continue through 2010, when the space shuttle fleet is mandated to retire. The employees make the gigantic external fuel tanks for the shuttle at the NASA Michoud Assembly Facility. Job…

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