Defense contractor Lockheed Martin will offer early retirement to seniorand thin the ranks of its overall management corps in an effort to cut costs. Despite growing sales, the company posted earnings that were 18% lower than the previous year.
The move is the latest in a series of cost-cutting initiatives. The company has sold some business units and reorganized others in an attempt to control expenses. It has recently announced it will scale back its presence at international trade shows. Worldwide, the company has 136,000 employees with more than 7,000 based in the Orlando area.