Lockheed Martin continued financial restructuring by announcing p...
Lockheed Martin continued financial restructuring by announcing plans to slice additional $2.8 billion from aerospace and defense segment by end of 2003, spokesman said. Company suffered $519 million net loss in 2000 with long-term debt of about $10 billion.…
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Lockheed officials also said they were looking for ways to increase reductions and financial exposure in struggling commercial space business which hasn’t met expectations. CEO Robert Stevens said “growth opportunities” for company “are not going to be in space” despite acquisitions of Comsat and Martin-Marietta. Company has reduced costs in space operations by consolidating manufacturing sites in Denver and selling off real estate. Nevertheless, satellite market remains “major concern,” attorney close to company told us. In last year, Lockheed Martin has cut $1.2 billion in costs by streamlining operations and reducing debt, which led to decrease in interest payments, spokesman said. Lockheed Chmn. Vance Coffman said company would be examining “every process in the same way to find the minimum cost solution.”