Aerospace company Lockheed Martin announced 300 aeronautics division employees will be laid off, including about 200 workers at Fort Worth’s F-35 assembly plant, the company confirmed to the Star-Telegram on Tuesday.
The layoffs are part of a plan to cut 1 percent of the company’s jobs over a span of a year, according to a report by Reuters.
“As part of a yearly review of our business, we are taking proactive steps to improve the efficiency of our operations, meet our customers’ needs for affordability in a cost-competitive environment, and position our business for growth,” Lockheed Martin said in a statement Tuesday.
The company said it made the “difficult decision to conduct a very limited reduction in force across all business areas and our enterprise operations” to lower costs.
The current layoffs of which employees will be notified this week will affect about 300 people at the company’s aeronautics locations in Fort Worth; Marietta, Georgia; and Palmdale, California, with about 200 of those in Fort Worth, according to a Lockheed Martin spokesperson.
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The company employs 122,000 people worldwide and more than 18,000 in the Fort Worth area, according to the Lockheed Martin website.
“We are working with all impacted employees to help them identify other opportunities with Lockheed Martin,” the company spokesperson said.
Cost reductions will also include hiring freezes and voluntary separations, according to the report by Reuters.
The reductions aim to position the company “to remain cost competitive,” the spokesperson told the Star-Telegram.
On Jan. 23, the company forecast that its 2024 profit would be below expectations, with supply chain disruptions in its largest aeronautics department, which produces F-35 jets, according to Reuters.
In a post-earnings call on Jan. 23, Lockheed Martin CFO Jay Malave said the company is driving cost-reductions “in our direct cost base through supply chain optimization, factory productivity and also on 1LMX [transformation program] driven-efficiencies,” Reuters reported.