Lockheed Martin's Space Business to Cut 1,200 Jobs

Lockheed Martin
Lockheed Martin

-- Aerospace and defense contractor Lockheed Martin Corp. plans to cut 1,200 employees in its space systems equipment division.

The company said Tuesday that the cuts will be nationwide and trim the division's 16,000-person work force by nearly 8 percent. The company said middle management will be reduced by 25 percent.