Lockheed Martin (NYSE: LMT) said Wednesday the defense contractor plans to cut 1,200 jobs as it begins combining two units, according to Associated Press.
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The cuts amount to less than 1 percent of the company's total 140,000-person work force. The company says employees who will lose their jobs will be notified by early April.
Lockheed announced in November its plans to combine two units in its electronics systems business: the former Maritime Systems & Sensors business and its Systems Integration unit.
Mission Systems & Sensors, the newly combined unit, will provide services to maritime forces. It currently employs about 16,000 workers. Its headquarters is in Washington, but workers are spread at many locations.
Lockheed shares shed 52 cents to $77.13 in afternoon trading.
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