More than 200 midlevel managers at Lockheed Martin are leaving the company this week with buyouts.
The company announced the voluntary program last month for 4,000 eligible employees in its information systems and global solutions unit. A total of 260 employees applied, and 243 were approved for buyouts, Lockheed spokeswoman Mary Phillips told Federal Times. Those employees will receive severance benefits and must leave the company by March 22.
“We are not planning additional layoffs at this time, though we will continue to evaluate our workforce needs given today’s budget environment,” Phillips said.
The voluntary layoffs were not prompted by automatic budget cuts, but Lockheed’s information systems and global solutions unit is assessing the impacts of the sequester cuts to its business, programs and customers, spokesman Keith Mordoff said last month.
Lockheed is looking to reduce its workforce by 300 to 350 employees, Mordoff said. It isn’t clear over what period.
“The reduction in force is designed to best position the business to remain competitive and operationally efficient, providing the most affordable solutions to our customers,” he said.